|Delaware Wins Post-Merger Agriculture|
and Specialty Products Headquarters
Popular 70's singer Meatloaf might croon that, "two out of three ain't bad," but when you're talking about Delaware as the future home of the headquarters for DuPont and Dow post-merger businesses, landing two out of three amidst fierce competition from other states is a huge win. Last week, DuPont and Dow announced that Delaware won its bid for the headquarters for the post-merger Agriculture company, as well as the previously announced Specialty Products business.
News had hardly hit the wires a few months ago announcing the forthcoming merger of DuPont and Dow and the loss of 1,700 DuPont jobs, than Governor Jack Markell was busy gathering together Delaware's federal delegation, state agencies, legislators, county officials, education and business leaders - all determined to devise a strategy to fight to keep as many jobs here in the First State as possible, as well as convince DuPont and Dow that Delaware is, indeed, the "right place, right size" for their companies' businesses.
On January 18th, Governor Markell met with executives from Dow and DuPont to make the pitch for Delaware as the ideal location for the headquarters. Focusing on our reputation for being business-friendly, top quality workforce, proximity to key global markets and access to major cities, those efforts paid off last week when Delaware was named the future home of both the Agriculture and Specialty Products companies, the combined revenue of which will be greater than the revenue of DuPont today.
Key to helping secure the agreement to locate the headquarters of the Agriculture business in the state, the Delaware Economic Development Office agreed to submit a Strategic Fund grant to the Council on Development Finance that could be worth a total of $9.6 million over five years. Most of this is in the form of matching funds capital expenditure assistance, which will help the company and related spinoffs upgrade research facilities in Delaware. In order to achieve the full amount, they would need to spend at least $200 million in the state on those types of projects over the five-year time frame.