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CVS’ plans for expansion include more than 200 jobs

01:00 AM EDT on Friday, July 18, 2008

Journal staff report

CVS Caremark Corp. said yesterday it will add more than 200 new jobs in the next two to three years as part of its previously announced plans to expand its operations in Rhode Island.

Woonsocket-based CVS said last month that it plans to build two buildings with a total of 300,000 square feet in Highland Corporate Park in Cumberland, near its current headquarters. The concept is to create a campus-like environment for its workers.

Some departments already housed in company headquarters on the Woonsocket side of the park will move into the new buildings. The hirings will not all be in those departments moving into the new buildings, according to CVS spokesman Michael DeAngelis, but will occur in a variety of departments and involve numerous job functions. Salary ranges were unavailable, he said.

CVS has had its 500,000-square-foot headquarters in the Highland park — which is located partly in the Town of Cumberland and partly in the City of Woonsocket — since 1982. The company expanded its customer support center in 1988 and again in 2000.

“Our company was founded in Rhode Island more than 40 years ago and we feel fortunate to be able to continually reinvest in our home state,” Tom Ryan, chairman, president and chief executive officer of CVS, said in a statement. “As the largest company in Rhode Island, we are looking to further expand our base of operations to support our continued growth and as a result, increase our work force over the next few years.”

Last year, CVS employed about 5,800 workers in Rhode Island, 12,400 in Massachusetts and 4,400 in Connecticut. Worldwide, the company employs 190,000. CVS, which acquired pharmacy benefit manager Caremark RX last year, had 2007 revenues of $76.3 billion and earnings of $2.6 billion. Its stock (CVS:NYSE) closed yesterday at $38.60 a share.

Ryan also said, “I want to recognize Governor Carcieri and his team at the Rhode Island Economic Development Corporation, the Town of Cumberland and its mayor, Daniel McKee, as well as the Economic Development Foundation of Rhode Island for making this investment possible. The spirit of teamwork and cooperation as well as a shared commitment to growth offered us the chance to further invest in our business, our state and our people.”

Marcel A. Valois, chairman of the EDFRI, which owns the park, said “The responsiveness of Cumberland’s Mayor McKee, Town Council and the Planning Board have been key reasons why we have been successful in convincing CVS Caremark to make their new investments in Highland Park.”

“The State of Rhode Island congratulates CVS Caremark on its newest expansion in Rhode Island,” said Saul Kaplan, executive director of the RIEDC.

“CVS Caremark is an important player in our effort to create a high-wage innovation economy that produces good jobs for Rhode Islanders. CVS Caremark consistently demonstrates its ability to innovate, move into new markets and create jobs. We are thrilled that CVS Caremark will expand their footprint and look forward to working with the Town of Cumberland, the City of Woonsocket and EDFRI to support their continued growth in Rhode Island,” Kaplan said.

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