Iowa Loses Bid to Land DuPont-Dow Ag Company Headquarters - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Iowa Loses Bid to Land DuPont-Dow Ag Company Headquarters

Posted: Updated:
DuPont headquarters in Wilmington, Del. (Jennifer Corbett/AP) DuPont headquarters in Wilmington, Del. (Jennifer Corbett/AP)

JOHNSTON, Iowa (AP/WBOC)- Iowa has lost its bid to land the corporate headquarters of the agricultural company that will be formed after the DuPont-Dow Chemical merger is completed.
    
DuPont and Dow announced Friday that the headquarters, which will include the CEO office and key corporate support functions, will be located in Wilmington, Delaware. The new company will retain strong presences in Johnston, Iowa, where DuPont Pioneer is situated, as well as Indianapolis, Indiana, home to Dow Agrosciences.

"DuPont and Dow made this decision because they recognized that Delaware, with its top quality workforce, access to major cities, and proximity to key global markets, is the ideal location for the headquarters of the globalized, 21st century business that they intend to create," said Delaware Gov. Jack Markell in a statement. "This new business is well-positioned to develop into a leader in the agricultural sciences field, and we intend to help support that growth.”
    
Markell said that as part of the agreement with DuPont and Dow, he has committed to work to pass reforms to Delaware’s tax code. These reforms will include a modification of the state’s research and development tax credit to lift yearly expenditure caps and make the credit refundable, as well as the reintroduction of a modernized version of Delaware’s “New Economy Jobs Tax Credit,” intended to attract corporate headquarters jobs to Delaware. The credit provides a value calculated against a portion of the total payroll of a company that contributes high paying jobs to the Delaware economy. Neither of these changes would impact budget projections for FY 2017.

DuPont and Dow hope to secure shareholder and federal government approval of their proposed merger by the end of 2016. Once approval is completed, they hope to complete the separation of the three new companies within the next two years.

Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices