Panasonic to move North American HQ to Newark, NJ

AP News
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Posted: Apr 20, 2011 4:28 PM
Panasonic to move North American HQ to Newark, NJ

Electronics manufacturer Panasonic is moving its North American headquarters from Secaucus (sih-KAW'-kuhs), N.J., to nearby Newark.

Newark Mayor Cory Booker calls Wednesday's announcement "a true milestone in the city's rebirth."

Panasonic Corp. will receive a $102 million transit hub tax credit from the New Jersey Economic Development Authority for the move to the state's largest city.

Panasonic's head office is in Osaka, Japan. Its products include Viera plasma televisions and Lumix digital cameras.

The company will occupy a high-rise building to be constructed in downtown Newark at Riverfront Center. About 1,000 employees and contractors will be housed there beginning in 2013.

The company's current landlord is challenging the grant.

Secaucus Mayor Michael Gonnelli also opposes the move. He says one New Jersey community shouldn't be taking business from another.