J&J to invest $55 BILLION in US as Trump pushes companies to invest in American manufacturing
“Our increased US investment begins with the ground-breaking of a high-tech facility in North Carolina.”
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“Our increased US investment begins with the ground-breaking of a high-tech facility in North Carolina.”
Healthcare giant Johnson and Johnson (JNJ) will be increasing its investment in the United States by $55 billion over the next four years as the Trump administration has been brokering deals with other companies and countries to invest in American goods and services.
According to a press release from JNJ, the company "announced manufacturing, research and development, and technology investments of more than $55 billion in the United States over the next four years."
The increased investment is 25 percent higher than previous levels and will build on the investments already based in the US. CEO of JNJ, Joaquin Duato, said of the increased investment, “Today’s announcements accelerate our nearly 140-year legacy as an American innovation engine tackling the world’s toughest healthcare challenges."
"Our increased US investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add US-based jobs but manufacture cutting edge medicines to treat patients in America and around the world," Duato added.
This comes as President Donald Trump has been pushing to have more manufacturing done in the United States, and has been indicating that tax incentives will reward companies that build and invest in America. The White House commented on the investment, calling it a result of the "Trump Effect."
"Today, Johnson & Johnson announced a new $55 billion investment in the United States over the next four years in manufacturing, research and development, and technology — the latest massive victory in President Donald J. Trump’s unrelenting pursuit of American manufacturing dominance," the White House stated.
The $55 billion from JNJ will be going to improve American innovation as well as manufacturing int the healthcare industry as well as going towards the building of four new manufacturing facilities. The groundbreaking for one facility took place on Friday in North Carolina with an investment of $2 billion.
In addition to the facility, the investment in North Carlina will help manufacture medical products to help fight cancer as well as other diseases, support 5,000 jobs in the region, as well as create $3 billion in impact in the state within 10 years.
The company stated that the overall "US economic impact" is going to be over $100 billion annually from the investment of $55 billion.
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