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EB Buys Pfizer Complex For $55M

Fri, 07/23/2010 - 8:25am

NEW LONDON, Conn. (AP) -- New documents show submarine maker Electric Boat is buying drugmaker Pfizer Inc.'s former global research and development complex in Connecticut for $55 million.

The documents filed Thursday in New London City Hall say New York-based Pfizer is giving Electric Boat a $40 million mortgage for the property. The purchase plans were announced last month but the price wasn't disclosed.

The sale is part of consolidation plans by Pfizer related to its acquisition of Wyeth Pharmaceuticals. The company is moving 1,400 workers assigned to New London across the Thames River to its Groton research campus.

Electric Boat, a subsidiary of Virginia-based General Dynamics Corp., is planning to use the site for a major expansion as the company enjoys a boom in military demand.

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