ANDOVER — The decision by Philips Electronics to move its North American headquarters here should create a domino effect, drawing more manufacturing firms to the Interstate 93 corridor, Gov. Deval Patrick and local officials said yesterday.

"This is great news for us. ... The hope is once you get a couple of big names here, word spreads," Town Manager Reginald "Buzz" Stapczynski said. "We have enough vacant land to work with."

The Dutch company made the official announcement during a press conference yesterday that it will move its North American headquarters here from New York City. The Eagle-Tribune last week first reported the decision by Philips Electronics to move here.

Initially, the move should bring 50 to 75 additional jobs to Andover with the promise of more to follow.

Philips — a world leader in health care and lighting products — predicts its heightened presence in the Bay State should inject more than $266 million into the economy annually.

Andover is already home to the global headquarters of Philips Healthcare — a subsidiary of the electronics giant. Philips Healthcare employs 2,066 people at its plant near Interstate 93, where it manufactures defibrillators, ultrasound devices and other medical devices.

Andover Selectman Brian Major, an employee at Philips Healthcare, said the move could mean more business for local hotels and restaurants, and the housing market also might benefit as New York employees are relocated here.

"With headquarters here, you have the bigwigs flying in from across the country and Europe," he said last week. "They need somewhere to eat, somewhere to stay."

Philips North America CEO Scott Weisenhoff, an Andover resident, said the company is operating out of five buildings at its Minuteman Road location. But there is room for a sixth building if it decides to expand.

"We'll have to decide when the time comes. We're still working out this move," Weisenhoff said during the press conference at the Philips Healthcare headquarters. "Who knows what's to come."

Weisenhoff said it was only logical to move their Manhattan operation to Andover.

Massachusetts has more Philips employees than any other state, with 4,589 workers at their Andover, Burlington, Fall River, Framingham and Wilmington locations — the bulk being in Andover.

"We're taking this opportunity to place our headquarters close to our businesses," Weisenhoff said.

He also called the state "innovative," with a highly trained and educated work force.

Gov. Patrick said he would work with the company to encourage growth, saying, "Any door is open to you."

"Of course we don't want to take away from other states. But if that's what we have to do, that's what we'll do," Patrick said.

Local officials called the news "monumental" for the region.

State Rep. Barry Finegold, D-Andover, said it was nice to see Andover benefit from a company's consolidation, since people usually hear about companies moving out of New England.

"In the era of consolidation, this is a big deal for Andover to come out on top," Finegold said. "One of the largest companies in the world is moving here. ... The people in the community should feel very good."

Philips North America is part of the Dutch-based Royal Philips Electronics. Last year, Royal Philips brought in $42 billion in worldwide revenue.

The North American division is split into health care, consumer lifestyle products, and lighting.

"If it was its own entity, Philips North America is larger than Colgate/Palmolive, General Mills and Marriott," Weisenhoff said.

Philips became a major Andover employer in 2000 when it bought Agilent Technologies. Philips paid Andover close to $1.1 million in taxes last year.

Andover is already considered one of the state's premium life sciences clusters, with companies like Wyeth Biopharma and Esai here for years.

Local officials said they have already begun talks with other big-name companies interested in moving to the area.

"For a company to move from New York to Andover ... it's about as good as it gets," Andover Selectman Alex Vispoli said. "It's huge."