Panasonic Moving North American Headquarters From Secaucus To Newark

NEWARK, NJ (AP / CBSNewYork) – Electronics giant Panasonic is moving its North American headquarters from Secaucus to Newark.

WCBS 880’s Levon Putney: 1,000 Jobs Headed For Newark

Newark Mayor Cory Booker said that the deal is “historic.”

Panasonic is currently headquartered in nearby Secaucus. It will reportedly receive $102 million transit hub tax credit from the New Jersey Economic Development Authority for the move.

The company’s current landlord is challenging the grant.

New Jersey Lt. Gov. Kim Guadagno and Panasonic executives joined mayor Booker at a press conference Wednesday to formally announce the deal.

The company was reportedly considering Brooklyn, Atlanta, Chicago or California for a new North American headquarters.

But, in the end, Panasonic Chairman and CEO Joseph Taylor said, “We’re staying in New Jersey and we’re moving to Newark.”

The new headquarters will be located a block from Penn Station and will bring with it 1,000 jobs.

“Don’t underestimate the construction jobs that are going to be created,” Booker told WCBS 880 reporter Levon Putney. “This is really about us as a state making a larger play to keep a corporation that was being wooed by Brooklyn [and] Marty Markowitz, by California, and others.”

Secaucus Mayor Michael Gonnelli opposes the move, saying one New Jersey community shouldn’t be taking business from another.

“You know, it’s gonna be really hard to find a tenant to fill that kind of space,” says Gonnelli, who is against the state tax credit that Panasonic is using to move. “What we’re really afraid of [is] it’s gonna set a precedent.”

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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  • ISL

    talk about a drop in status from Secaucus to Newark …ouch!

  • PO'd

    This sounds great. Boost to Newark and this vacancy in Secaucus has plenty of room to pull jobs away from New York City. Who needs the tunnel.

  • midi-man

    Guess or mayor let another company leave NY. It should have been NY period.I guess if he spent more time in the USA instead of of where else he could have offered them a tax break to move to Brooklyn.

  • business savvy

    “…saying one New Jersey community shouldn’t be taking business from another.” “What we’re really afraid of [is] it’s gonna set a precedent.”

    “A precedent?” …since they were leaving anyway, would he rather Brooklyn or California receive them in?

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