The Chemours Company will stay in Wilmington
The company announced today that the city will be the permanent home of its global corporate headquarters. Chemours CEO Mark Vergnano said the company had scouted several locations in neighboring New Jersey and Pennsylvania before deciding to stay put.
Chemours received a $7.2 million Strategic Fund Performance grant from the state to retain the jobs in Delaware and a $695,000 Capital Expenditure Grant for the headquarters project.
Vergnano said Delaware’s workforce was a competitive advantage for the company. Another was the recent reform of the state’s tax structure.
“While we like to think of ourselves as a 200-year-old start-up, we’ve been an independent, publicly traded company for only just over a year now,” Vergnano said. “We’ve accomplished a good deal in a short time, standing up Chemours and making a host of decisions that ensure a sound and prosperous future. We have considered a number of locations for our world headquarters, but in the end it came down to what locale makes the most financial sense, offers our current workforce the right combination of amenities and conveniences, and allows us to attract great talent. Wilmington is that place, and we look forward to being part of its future growth.”
Chemours, in a statement, said the Delaware Competes Act, which reformed the state’s corporate income tax, was a key factor in the decision. State lawmakers passed the corporate income tax reforms to persuade Chemours to stay on Delaware. The loss of Chemours would have cost the state $554 million in revenue, officials said.
“I know that Chemours leaders conducted a detailed search and looked at several locations, and I am pleased that they have chosen Wilmington as the best option to support the success of their company,” said Governor Jack Markell. “This decision reflects the value of our top quality workforce, the ability to access key global markets from our state, and the responsiveness of government at all levels – all of which helps make Delaware a great place for employers to achieve long term growth.”
U.S. Senator Tom Carper said the U.S. Congress’ reform of the Toxic Substances Control Act, gave Chemours and businesses like it “the predictability they need.” The Frank R. Lautenberg Chemical Safety for the 21st Century Act, passed June 22 to amend the Toxic Substances Control Act, required the EPA to evaluate existing chemicals with clear and enforceable deadlines.
