Chemours will remain in Delaware, although the company has not settled on a location.
The News Journal reported that Chemours CEO Mark Vergnano confirmed the company’s decision in an interview. Chemours was spun off 13 months ago from DuPont.
The New York Times reported an announcement would be made on Tuesday regarding Chemours staying in the city. That news came in a story on companies moving headquarters operations back into cities from the suburbs. The company employs upwards of 1,000 people in Delaware.
“Chemours decision to remain in Delaware, is outstanding news for the city of Wilmington,” said Bernice Whaley, director of the Delaware Economic Development Office. “The company’s commitment to the state is a true testament to Delaware’s pro-business environment and the quality of the state’s workforce. We look forward to working with Chemours as it continues to grow.”
It had long been believed that the company staying in Wilmington hinged on the renovation of the DuPont Building, which includes the Hotel duPont.
An application for a financial package for the building outlined a $90 million project to overhaul the space.
Earlier, Vergnano had told members of the Delaware Council on Development Finance that the state stood a decent chance of retaining Chemours, but noted that other states in the region had made enticing offers.
He said that the state’s $7.9 million financial package was competitive but added that other areas had also come up with strong incentives.
The council went on to approve the financial package. Mentioned by members of the real estate community were sites in Pennsylvania and even in the area of the company’s massive chemical complex across the river in New Jersey.
Chemours also pushed for changes in corporate income tax laws in the state, which is gambling that the loss of revenues will be offset by companies, like Chemours, remaining in the state.
The incentives did have a few critics, who questioned the financial condition of Chemours, which was left wth a heavy debt burden after the spin-off, along with questions about environmental liabilities. Those concerns have weighed down the company’s stock price.
Chemours last year moved into the former DuPont headquarters space in the DuPont building after DuPont moved to its Chestnut Run complex just outside the city.
Last year, it closed the long-running Edgemoor as the once-lucrative titanium business saw price declines and a site in Mexico moved toward completion.
However, in recent weeks, reports have cropped up about the Hercules Building emerging as a candidate for the headquarters.
The building saw Hercules Incorporated’s successor, Ashland, move out of the space, after selling off some operations and undergoing restructuring efforts.
