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Foreign-Owned Companies Provide Thousands of Massachusetts Jobs

Posted by Kristen Rupert on Mar 23, 2011 11:47:00 AM

The recent $20 billion buyout of Cambridge-based Genzyme by Sanofi-Aventis SA of France adds another foreign-owned company to the roster of firms in Massachusetts with overseas parents.

Foreign-owned firms provide more than 170,000 jobs in Massachusetts and are critical to the state’s economy.  Companies with household names such as Stop and Shop, John Hancock, TD Bank, Osram-Sylvania, Reebok, Novartis, Citizens Bank, EMDSerono, Philips Electronics, National Grid, Fairmont Copley Plaza, and AstraZeneca have foreign owners, as do hundreds of smaller firms, particularly in industries like pharmaceuticals, medical devices, professional services and machinery manufacturing. 

“Foreign direct investment in our state is an extremely positive trend for the Massachusetts economy and we are proud to be a part of it,” said Bennett Schwartz, Senior Vice President and Director of Foreign Exchange at TD Bank, and Chairman of the Associated Industries of Massachusetts International Business Council (AIM-IBC).  “Not only does it provide jobs and development, it can also lead to joint ventures and global partnerships, and we hope that the awards will encourage this growth.”  

AIM-IBC is recognizing the value of internationally-owned companies by adding a new category to its annual Global Trade Awards.  The awards, which recognize excellence among Massachusetts companies engaged in international trade, will this year include at least one firm whose headquarters are overseas. Award winners will be honored at AIM’s Annual Meeting & Luncheon on May 13 at the Waltham Westin Hotel.  The nomination deadline is March 31, 2011.  Entry forms are available online at www.aimnet.org/international.

Topics: Associated Industries of Massachusetts, AIM, International Trade, AIM International Business Council

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