Parsippany Pfizer Inc., which received a $25 million state incentive last year to retain jobs in New Jersey, said 490 workers will lose their jobs when its Parsippany plant closes by 2008. The pharmaceutical company said the closure is part of a restructuring under way for 21/2 years in which 27 other plants will be shut worldwide. The closures were needed because Pfizer’s acquisitions of Warner-Lambert and Pharmacia in recent years created more manufacturing capacity than the company needed, spokesman Bryant Haskins told The Star-Ledger of Newark. Acting Governor Richard A. Codey, who attended a groundbreaking in June for a $500 million expansion of Pfizer facilities in Morris Plains and Parsippany, will look into the company’s plans, his office said. Haskins said the Morris Plains research facility is still being expanded. Pfizer received $25 million in sales tax exemptions for keeping 2,070 existing jobs in the state, the newspaper reported. The incentive came after Pfizer got up to $30 million in tax breaks for creating 1,100 jobs in New Jersey. New York-based Pfizer, which has about 5,000 workers in New Jersey, got the tax breaks for past performance, Haskins said. ``In order for us to continue to maintain our employment in New Jersey and elsewhere, we have to operate in a cost-effective, efficient manner,’’ he said. The Parsippany plant makes creams and ointments such as BenGay, Desitin and Cortizone. Those products have waning popularity, Haskins said. It also makes Zyrtec syrup, which will be losing patent protection, and the Zithromax antibiotic, which is now more potent and requires fewer doses, Haskins said.