More of DowDuPont coming to the First State
Delaware will get a bit more of the recently merged DowDuPont.
Company officials announced Tuesday seven additional businesses will move into the planned Specialty Products spinoff in Delaware.
Seven businesses from the company’s portfolio, which were at first to be housed at the Material Science Division spinoff in Michigan, will now be added to the Specialty Products spinoff set to be headquartered in Delaware.
“It shows that DowDuPont has faith in the state of Delaware. When they made the decision to put the Specialty Products line division here that was a big plus, and this just shows they’ve determined this is a good place to be, and that’s what we want,” said Delaware State Chamber of Commerce President Rich Heffron.
The additional seven businesses are automotive adhesives, building solutions, water and process solutions, Pharma and food solutions, Microbial control, and various silicone-based entities. They collectively account for $8 billion of DowDupont’s net sales forecasted for the year.
“More Jobs; more product,” said Heffron. “The specialty products company will be—obviously they feel—where it belongs. More products should equal more revenue, so all the way around it’s good for Delaware.”
Delaware elected officials echoed that optimism that the DowDuPont decision will boost the First State economy.
For our state, this will mean additional scientific research and innovation that will help power our economy, drive economic growth, and continue to support good-paying jobs," said Gov. John Carney (D) in a statement. "I am pleased that DowDuPont continues to invest in Delaware and look forward to a long and successful partnership with the combined company.”
“These additional product lines will hopefully create an even greater opportunity to produce good paying jobs, to strengthen our economy, and to ensure long-term benefit for Delawareans," said Rep. Lisa Blunt Rochester (D-Delaware) in her statement.
Over the past few months, there was a growing concern that a group of company stakeholders who did not appreciate that deep connection to the First State would jeopardize the future of DowDuPont’s Specialty Products business. However, it appears the announcement today indicates that future is bright," said Sen. Tom Carper (D-Delaware) in a statement. "I am very encouraged that DowDuPont is making a huge investment in its Specialty Products business here in Delaware, and I am hopeful it will help drive the economy throughout our region
DuPont and Dow Chemical completed their merger into a $130 billion company last month. Over the next two years, it plans to break into 3 separate business - two of which will be headquartered in Delaware.
The company released this statement with Tuesday's announcement: “We believe the realignment announced today means that the intended Specialty Products Company, which will be headquartered in Delaware, will be even stronger and better equipped to invest in focused science and innovation, solve our customers’ ever-evolving challenges, and generate long-term growth opportunities for employees and the Delaware community. We greatly value the extraordinary breadth and depth of talent and expertise in Delaware. The process for determining the exact total employment levels in Delaware will evolve as the integration process advances and the intended public companies are stood up.”
The First State will also be home to the DowDuPont Agriculture Products spinoff.