Another Major Company Is Leaving New Jersey For Texas

It feels like every few weeks there's another headline about a major company choosing Texas over New Jersey.

Just days after a huge technology company, Samsung, announced plans to move its U.S. headquarters out of Bergen County and relocate to Plano, Texas, another corporate giant has officially taken a major step toward cutting ties with the Garden State.

The reason this news is major is that this particular company has NJ roots that go back 140 years. That connection is now coming to an end.

Why Are NJ Companies Moving To Texas?

What's up with Texas? The Lone Star State has become one of the most sought-after relocation destinations in America. Corporations will tell you lower taxes and fewer environmental and legal hoops to jump through are just a few of the reasons they have made the move.

Recently, major corporations across a range of industries have either relocated their headquarters or expanded operations in Texas.

Here at home, one must wonder whether New Jersey is losing its ability to retain corporations that employ thousands.

READ MORE: This NJ Gas Station Has Locals Arguing For One Reason

Another Major NJ Company Is Leaving New Jersey For Texas

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Shareholders recently approved a plan that will move ExxonMobil's legal incorporation from New Jersey to Texas. Business operations have been based in Houston since 1989, but legally, they've been a New Jersey company.

NJ.com reports that, according to company officials, the move "better aligns the corporation's legal home with where most of its business operations are already based."

The company also pointed to Texas' legal and regulatory climate as a factor in the decision.

ExxonMobil's ties to New Jersey, which date back more than 140 years, will officially come to an end. Combined with the recent announcement that Samsung Electronics America plans to move its U.S. headquarters from Englewood Cliffs to Texas, it's another high-profile reminder that the competition for major corporations remains volatile. At what point will the state revisit its positions to keep companies in place here in New Jersey, which will, in turn, keep jobs here?

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