Electric Boat is purchasing Pfizer's New London, Connecticut research and development headquarters, the Hartford Courant reports. The Groton-based submarine manufacturer will spend approximately $50 million on the 750,000-square-foot facility. It will also create 700 jobs at the site.

The state of Connecticut has extended $15 million over three years to Electric Boat. The company must maintain its current 2,300 jobs and create the 700 to receive the funds.

Pfizer paid $300 million for the facility 10 years ago.

Electric Boat will also employ at least 3,000 workers in Fort Trumbull, Connecticut. It plans to invest $100 million in improvements to its facility there and in Groton. In May the company added 450 jobs at its Quonset, Rhode Island plant.