Carvertise Greg Star and Mac Nagaswami-Macleod

Carvertise Expands as it “Drives” National Advertising Campaigns

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Carvertise Expands As It “Drives” National Advertising Campaigns

(Wilmington, Del.) Carvertise, an innovative advertising company, is growing and has announced plans to hire 50 people in Delaware. The company, founded by Mac Nagaswami Macleod and Greg Star – both graduates of Horn Entrepreneurship at the University Delaware – has experienced 150% growth over the past three years. Macleod presented Carvertise’s growth strategy to the Council for Development Finance (CDF) today and was approved for a $290,000.00 performance-based grant from the Delaware Strategic Fund.

Carvertise is a progressive marketing firm that “wraps” cars with eye-catching advertising content. The all-in-one agency creates the campaign, wraps the cars and maps strategic routes to build brand visibility for its clients. Carvertise uses GPS to determine when and where their cars are on the road, providing comprehensive impression reports to the client.

The company has secured national partnerships, with companies such as EA Sports, 7-Eleven, Empire Today and Norwegian Air. They have drivers across the country and now have sales outposts in Philadelphia, Chicago, Dallas and Los Angeles. In addition, Carvertise has relationships with Uber and Lyft, so many rideshare drivers also participate.

Through this national growth, all operations and administrative activity has remained headquartered in Wilmington, Del. They currently have 15 staff in Delaware, and the 50 new jobs will be located in Delaware as well.

Carvertise will use the performance-based grant from the Delaware Strategic Fund to advance their operations and marketing to sustain the company’s growth.

“We are proud to have Delaware roots and it is very gratifying to me to continue to grow here in Delaware; it’s a great place to live, work and play. We are grateful for the strategic fund support; it helps Carvertise continue its growth,” explained Macleod.

“Delaware is proud to help support growing businesses like Carvertise – an innovative company with Delaware roots that is creating good jobs right here in our state,” said Governor John Carney. “We are trying hard to offer support for homegrown companies, to keep them growing and innovating in Delaware. This announcement only reaffirms that Delaware remains a great place for businesses of all sizes to put down roots, grow and create good-paying jobs in Delaware.”

About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (DPP) is a nonprofit, public private partnership that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses. DPP works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The DPP team’s services include working with prospects to review potential sites, cost-of-living, and funding opportunities, including available tax credits and incentives. For more information, visit www.choosedelaware.com.

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International Recognition of Delaware’s Fintech Opportunities

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International Recognition of Delaware’s Fintech Opportunities

Delaware Prosperity Partnership visits Factory Berlin to share fintech report


Delaware Prosperity Partnership President, Kurt Foreman shared the findings from Delaware in a Fintech Future at Factory Berlin, one of the world’s most unique international coworking spaces, with more than 3,000 members from over 70 nations. The Delaware fintech report was researched and authored by the Delaware Prosperity Partnership, First State Fintech Lab and the University of Delaware’s Institute for Public Administration.

Delaware is already a financial services destination with world-renowned, established financial services firms including JPMorgan Chase, Capital One, and Bank of America. And now, fintech startups are thriving in Delaware’s innovation ecosystem, and mid-stage fintech companies from around the world are choosing Delaware to continue to grow. Acorns, a California-based fintech, recently opened a satellite operation at The Mill in Wilmington, Delaware while Marlette Funding is expanding and creating 200+ new jobs in the state.

As a leader in intellectual property, Delaware is competitively positioned to capitalize on the international surge of investment activity in fintech advancement. Globally, fintech investment has increased exponentially, with over $111.8 billion of investment in 2018 compared to just $18.9 billion in 2013.

Director of Research at the Delaware Prosperity Partnership, John Taylor, explained, “Delaware’s history as a leading international center for financial services—with deep workforce strength across both financial and tech occupations—has positioned the state as a natural home for both fintech startups and the established banks that have rapidly transformed into fintech companies.”

Some takeaways about fintech in Delaware:

  • Delaware has the highest relative concentration of financial services jobs of any U.S. state. Among U.S. counties, New Castle County ranks third.
  • Since 2009, nearly 200 fintech patents were assigned to Delaware-based individuals and companies, ranking first in the United States on a per capita basis, and fifth in absolute terms.
  • Finance accounts for more than one-fifth of our state’s GDP, the largest contribution of any sector.
  • Delaware has been a magnet for out-of-state direct investment by financial services firms in recent years, with $725 million invested since 2010. Wilmington is the leading destination in our region for this investment.

Delaware in a Fintech Future is available at www.choosedelaware.com/fintechreport.

About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (DPP) is the nonprofit that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses. DPP works with site selectors, commercial developers and business executives responsible for deciding where to move or grow a business. The team helps with reviewing potential sites, cost-of-living analysis, quality-of-life intel and funding opportunities including available tax credits and incentives. For more information, visit www.choosedelaware.com.

About First State Fintech Lab

The First State Fintech Lab (FSFL) is a nonprofit dedicated to nurturing and growing the financial technology ecosystem in Delaware by convening and collaborating across industries, disciplines, and demographics. The FSFL supports and helps foster novel public-private partnerships and dialogue; works to fill Delaware’s talent pipeline; and supports expanding opportunities and access to low investment communities. To learn more, visit firststatefintech.org

About the Institute for Public Administration, University of Delaware

The University of Delaware’s Institute for Public Administration (IPA) addresses the policy, planning, and management needs of its partners through the integration of applied research, professional development, and the education of tomorrow’s leaders. IPA is a research and public service center in the Joseph R. Biden, Jr. School of Public Policy & Administration. To learn more, visit www.ipa.udel.edu

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North East England and Delaware sign economic development MOU

Delaware and North East England Sign Economic Development MOU

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Delaware and North East England Sign Economic Development MOU

Partnership will support international growth for bioscience, engineering & FinTech firms

(Wilmington, Del.) The Delaware Prosperity Partnership (DPP), the state economic development organization, and the North East Local Enterprise Partnership (LEP), a public, private and education sector partnership in North East England, UK, have signed a cooperative agreement to support joint business development. LEP works in partnership with the business community to grow the economy and create more and better jobs in the region.

Specifically, the two organizations will work together to support mutually beneficial international expansion for firms that work in:

  • Bioscience/Life Science and Wind Supply Chain
  • Advanced Engineering and FinTech
  • Innovation and Skills

North East England is one of nine official regions of England, which includes Northumberland, County Durham and Tyne and Wear. The North East LEP is responsible for promoting and developing economic growth in the local authority areas of County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland.

Representing Delaware was Kurt Foreman, President and CEO of DPP and Rod Ward, CEO of CSC, one of the world’s premier providers of business, legal, tax, and digital brand services. Ward is Co-Chair of the DPP Board of Directors.

Representing the UK was Andrew Hodgson, North East LEP Chair, and Helen Golightly, North East LEP Chief Executive.

Both economic development organizations will promote their partner area as a location for local firms looking for international business expansion opportunities. They will actively collaborate, support joint events, and encourage cross-education and training through the local universities.

“This agreement was a natural fit for our organizations and for the areas we represent,” said Kurt Foreman of the DPP. “Delaware and North East England will actively support one another in sectors where we both have strengths, helping our local companies become international companies by directly connecting them to our partners overseas. We look forward to the cross-Atlantic success stories and the jobs that will follow.”

Delaware’s strengths in financial services, health and life sciences, renewable energy and advanced manufacturing match those of the North East, so I see a great opportunity for us to work together to create opportunities for local companies to collaborate and do business,” said Andrew Hodgson, Chair of the North East LEP. “Targeted region-to-region agreements like this demonstrate how we will use our Local Industrial Strategy to connect North East England into global trading networks.

“Delaware Prosperity Partnership (DPP) shares our ambition to improve innovation and skills across all sectors of industry to create a stronger economy. I’m looking forward to working with our colleagues from the U.S. to share learning and develop ideas that strengthen our connections and improve opportunities for businesses in the North East.”

About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (DPP) is the nonprofit state economic development agency that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses. We work with site selectors, commercial developers and business executives focused on where to locate or grow a business. Our team provides and reviews potential sites, cost-of-living analysis, quality-of-life information and funding opportunities, including available tax credits and incentives.

About North East Local Enterprise Partnership

North East Local Enterprise Partnership (LEP), a public, private and education sector partnership in North East England, UK, works in partnership with the business community. Through its Strategic Economic Plan, it aims to grow the economy and create 100,000 more and better jobs for the North East by 2024.

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Prelude Therapeutics Expands in Delaware

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Prelude Therapeutics Expands in Delaware

Adding biotech jobs in cancer drug discovery research

(Wilmington, Del.) Prelude Therapeutics, a privately-held, clinical-stage biopharmaceutical company, is expanding in Delaware – planning to add up to 49 biotech positions by 2022 and invest $5 million in expanded lab and office space in the Wilmington area.

Prelude conducts research focused on key drivers of cancer cell growth, survival, and resistance. They currently have two clinical trials in progress, with more pre-clinical development candidates in the pipeline.

The company is outgrowing its current locations, split between the Delaware Innovation Space (located on the site of the former DuPont Experimental Station) in Wilmington, Del. and nearby overflow office space.

To support the local growth of this innovative, Delaware-based biotech company, the Council on Development Finance (CDF) recently approved Prelude for a Performance Grant of $684,090 and a Capital Expenditure grant of $150,000 for a total of up to $834,090. Both would come from the Delaware Strategic Fund and both are contingent on Prelude meeting its hiring goals.

With the additional job growth, Prelude’s team will expand to a projected total of 81 employees by 2022. The new positions include professional scientists and skilled associates and will add approximately $5.5 million to its annual payroll.

Prelude began operations in 2016 with a handful of employees and has now grown to 32 people, drawing international attention for their innovative discoveries and attracting top pharmaceutical and biotech talent to Delaware.

“We’re really pleased to support the expansion of Prelude – one of Delaware’s most exciting and innovative start-ups,” said Governor John Carney. “Prelude’s decision to expand in Delaware reaffirms that our state is a great place for business of all sizes to put down roots, grow and create good-paying jobs.”

“As a company, we sincerely appreciate the continued support from the state of Delaware,” said Prelude Therapeutics CEO, Kris Vaddi, Ph.D. “The Wilmington area provides an attractive location for hiring experienced and talented scientific, clinical and operational teams needed to build a successful biopharmaceutical company. We look forward to executing our drug discovery and development strategy to drive growth within the company over the coming years.”

About Prelude Therapeutics

Prelude Therapeutics is a privately held, clinical-stage biopharmaceutical company based in Wilmington, DE. Prelude is focused on the discovery and development of small molecule agents targeting novel molecular mechanisms that drive cancer cell growth, survival, and resistance to current treatments. For more information, please visit www.preludetx.com.

About Delaware Prosperity Partnership

Delaware Prosperity Partnership is a nonprofit state economic development agency that leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in the state of Delaware.

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Delaware Innovates to Build a Strong Talent Pipeline

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Delaware innovates to build a strong talent pipeline

Pathways program provides training and on-the-job experience for in-demand careers

(Wilmington, Del.) High school students in Delaware are getting a jump start on careers in growing fields including health care, hospitality, advanced manufacturing and biomedical science. The Delaware Pathways program is part of the national Pathways to Prosperity Network aimed at preparing students for a secondary education and careers in high-demand fields.

Formed in 2014, Delaware Pathways was created to help fulfill the Delaware Promise: By 2025, 65% of Delaware’s workforce will have a two- or four-year degrees or professional certificates to match the percentage of Delaware jobs that require them. In Delaware, because employers need middle- and high-skill employees, academic degrees and industry certificates are given equal weight. The program is quickly expanding, in part due to a $2 million, three-year grant from JPMorgan Chase & Co. and a $3.25 million, three-year grant from Bloomberg Philanthropies.

“Pathways couldn’t have come at a better time; talent is top of mind,” said Kurt Foreman, President and CEO of the Delaware Prosperity Partnership, the nonprofit that leads the state’s economic development effort. “Pathways is allowing students to explore career paths that heretofore they may have never thought about or considered. We know that there is demand for these positions. By giving high school students the training in these fields, Delaware is positioning the students and the state for success. This makes Delaware that much more attractive to prospective businesses.”

The first pathway, advanced manufacturing, is “immersive,” said Paul Morris, associate vice president for workforce development and community education at Delaware Technical Community College. “Students come to Delaware Tech every other day,” Morris explained. “The two-year program has 600 hours of training and education.”

In allied health, students can earn credentials that will make them job-ready when they graduate high school. They can become a licensed, certified nursing assistant, a certified phlebotomist and nationally certified patient-care assistant. The program also is a bridge between high school and college. While certain pathways don’t require 600 hours, they let students explore high-demand fields.

Workplace experience is an essential part of the model. In Delaware, 85% of employers surveyed said they were likely or very likely to hire the student they had engaged with for an immersive work-based learning experience.

For more information, delawarepathways.org.

About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) is a nonprofit, public private partnership that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses.  DPP works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The DPP team’s services include working with prospects to review potential sites, cost-of-living, and funding opportunities, including available tax credits and incentives. For more information, visit www.choosedelaware.com.

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JPMorgan Chase Awards Grant to Delaware Prosperity Partnership to Advance an Inclusive Tech Talent Pipeline

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JPMorgan Chase awards grant to Delaware Prosperity Partnership to advance an inclusive tech talent pipeline

WILMINGTON, Del. — The JPMorgan Chase Foundation has awarded a $205,000 workforce readiness grant to the Delaware Prosperity Partnership (DPP), the state’s lead economic development organization, to create a plan for a more inclusive tech talent pipeline.

The demand for technologists continues to grow, with national forecasters predicting that, by 2020, there will be 1.4 million open positions that require tech skills, but only 400,000 people qualified to fill them.

Delaware, with its robust business and financial services sector, is well suited to respond to the demand. Across the state, eight colleges and universities, 224 public and charter schools, and a $21 million workforce system are poised to equip residents with the skills they need.  In addition, the number of non-degree tech programs (i.e. boot camps and accelerated courses) has grown rapidly in the past few years.

However, despite these programs, there is a need to prepare more residents to enter tech roles and expand opportunities in the sector, especially amongst people of color and individuals from low-income communities.

“Creating a more inclusive tech talent pipeline is critical,” says Kurt Foreman, President and CEO of the DPP. “A diverse workforce leads to diversity of thought, which is key to innovation. We are privileged to serve as convener and connector for this project, which will ensure that Delaware continues to lead the nation as a place to do business.”

This project, funded by JPMorgan Chase, will develop a plan that positions Delaware to meet employers’ tech talent needs over the next decade with homegrown talent from diverse communities across the state, and ensure clear pathways for individuals with barriers to employment or who are historically underrepresented in tech.  The project includes two key elements:

  • A thorough analysis of the current and anticipated tech job market, the supply of qualified applicants, and the current educational and non-profit capacity to meet the demand.
  • A strategic plan to identify how Delaware can address the talent gap that exists and improve the inclusiveness of the pipeline.

“This plan will help position Delaware to retain existing businesses and attract new ones by strengthening the support system that prepares Delaware residents for the jobs of the future,” says Tom Horne, Delaware Market Director at JPMorgan Chase. “We are proud to partner with Delaware Prosperity Partnership to advance career pathways in tech and promote inclusive economic growth across the state.”

DPP will lead the process, working with a statewide advisory committee of key stakeholders and external consultants, conducting the audit of the current tech landscape, and facilitating the development of key strategies to address the identified gaps.

About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) is a nonprofit, public private partnership that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses.  DPP works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The DPP team’s services include working with prospects to review potential sites, cost-of-living, and funding opportunities, including available tax credits and incentives. For more information, visit www.choosedelaware.com.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

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Delaware’s Manufacturing Sector is Supported by Unique and Growing Workforce Training Efforts

Delaware’s manufacturing sector is supported by unique and growing workforce training efforts

(Wilmington, Del.)  Manufacturing in America continues to be the largest economic multiplier of any industry sector, according to the National Association of Manufacturers. Delaware’s manufacturing and advanced manufacturing sector are supporting that growth.

Kurt Foreman, President and CEO of the Delaware Prosperity Partnership, the public-private partnership that manages economic development for the state of Delaware, says that approximately half the companies looking to expand in Delaware or relocate to Delaware fall into the manufacturing sector.

A strong workforce is needed to support this growth. In Delaware, a unique training program that starts in high school is ensuring there are eager and qualified professionals to support the sector. The Pathways to Prosperity program continues with training and degree options at regional colleges and universities, including Delaware Technical Community College and proceeds into adulthood with widely-available “up-skilling” programs for existing manufacturing workers to grow and advance in their fields.

Delaware’s Pathways programs are gaining in popularity among students and their parents. This year, there was 33% growth in the students expected to complete the advanced manufacturing pathway, offered through Delaware Tech. The growth is expected to continue.

Worth nearly $5 billion and accounting for more than 96% of the state’s global exports, Delaware’s manufactured goods industry is robust, creating deep supply chains and supporting the market entry and growth of new businesses. The manufacturing sector is one of the largest employers in the region, accounting for 5.6% of total employment in Delaware and 6.7% in the broader region.

Delaware’s manufacturing sector includes a robust advanced materials manufacturing sector with structural and fabricated metals, paper products, electrical equipment, aerospace products, printing, and furniture. The manufacturing and logistics sector intersects with Delaware’s science and technology sector, with firms like Agilent and Chemours producing chemicals and medical devices and with the food and agricultural sector with firms like Pepsi Bottling Ventures and Kraft Heinz manufacturing food and beverage products.

Delaware has a wealth of competitive advantages for manufacturing, advanced materials manufacturing and logistics companies. Delaware’s strategic location allows companies to reach more than 50 million people within 250 miles; and public and private investment is rapidly expanding existing infrastructure. Most notably, the Port of Wilmington—already a full-service, strategically located Mid-Atlantic seaport serving more than 200 million North American consumers—is set for $600 million in upgrades in coming years. Competitive tax rates make choosing Delaware highly attractive, especially when compared to other states in the region.

Additional Competitive Advantages

  • Close proximity to major airports, with international and domestic cargo capabilities
  • Major International port, four hours from the Atlantic Ocean
  • First Foreign Trade Zone to receive approval with an Alternative Site Framework
  • Freight rail services throughout the state
  • Well-connected roads, with I-95 in Northern Delaware, the most-travelled interstate in the U.S.

For more information about advanced manufacturing in Delaware, visit the Delaware Prosperity Partnership’s website.

 

About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) is the nonprofit that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses. DPP works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The team helps with reviewing potential sites, cost-of-living analysis, quality-of-life information and funding opportunities, including available tax credits and incentives. For more information, visit www.choosedelaware.com.

Kurt Foreman

PRESIDENT & CEO

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delaware agribusiness farming 21st century

Delaware Agribusiness – Farming the 21st Century Way

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Delaware Agribusiness – Farming the 21st Century Way

Local Ag R&D is growing; Farmland is increasingly protected

WILMINGTON, Del.July 19, 2019. The Delaware agribusiness sector is growing, as ag-science companies expand their presence and the state approves additional farmland preservation.

FMC Corporation plans to invest more than $50 million over the next three years in capital improvement projects, including a state-of-the-art reconfiguration of a greenhouse and research facility at the company’s Global Research and Development headquarters in Newark, Delaware.

Last month, FMC Corporation, an agricultural sciences company, announced a $50M investment to completely reconfigure a new greenhouse complex and perform other site improvements at its global R&D headquarters in Newark, Del. In May, Corteva Agriscience spun off from DowDuPont (keeping its Delaware headquarters) to become the leading agricultural sciences firm, with an estimated $14B in annual revenue. And last year, Belchim, a Belgian chemical crop protection company, established its U.S. headquarters in Delaware to capitalize on the state’s concentration of bioscience firms and talent.

To support the sector, Delaware Governor John Carney announced new farmland preservation. More than 25 percent of Delaware’s farmland (134,000 acres) is now permanently preserved, thanks to matching funds from multiple sources, including the USDA Natural Resources Conservation Service, Agricultural Conservation Easement Program (ACEP), the United States Navy’s Readiness and Environmental Protection Integration Program, Sussex County Council, New Castle County Council, and Kent County Levy Court.

Agribusiness in Delaware

Ag-science and Agtech are reinventing one of America’s legacy sectors – farming. That’s part of the reason Delaware has one of the nation’s most successful farm industries in the country. Ed Kee, DPP Board member and Delaware’s former Secretary of Agriculture explains, “Nothing can replace the experience, know-how, and powers of observation of the farmer.” In Delaware, agriculture is the single largest land use with nearly 40 percent of land across 2,500 farms devoted to agricultural production. And it pays off—in 2017, Delaware ranked second in the nation in per-farm sales, with an average of $637,000 per farm, which was significantly greater than the national average of $190,000 per farm.

Most farms in Delaware, 39 percent of the total, are between 10 to 49 acres and produce commodities such as lima beans, soy, corn, and wheat. In fact, Delaware produces the most lima bean of any state in the nation—more than one-third of the U.S. total. The annual harvest of more than 350,000 acres of corn and soybeans is used to produce chicken feed, with almost $1 billion of chicken feed ingredients purchased across the Delmarva Peninsula in 2017.

Poultry Production

Statewide, Delaware farmers produced 1.87 billion pounds of chicken in 2017. Sussex County, Delaware is the #1 producer of poultry and eggs in the nation. The county is considered the birthplace of the broiler chicken industry, and it continues to be the top broiler producing county in the United States. Poultry production companies like Mountaire Farms and Allen Harim Foods call the state home. Perdue Farms in Milford, Delaware is the nation’s largest USDA-certified organic chicken plant.

About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (DPP) is the nonprofit that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses, including agribusiness companies. DPP works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The team helps with reviewing potential sites, cost-of-living analysis, quality-of-life intel and funding opportunities, including available tax credits and incentives. For more information, visit www.choosedelaware.com.

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FMC Corporation Plans $50 Million Investment in Global Research and Development Headquarters in Newark, Delaware

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FMC Corporation plans $50 million investment in Global Research and Development Headquarters in Newark, Delaware

(Wilmington, Del.) FMC Corporation (NYSE: FMC), a publicly traded agricultural sciences company, plans to invest more than $50 million over the next three years in capital improvement projects, including a state-of-the-art reconfiguration of a greenhouse and research facility at the company’s Global Research and Development headquarters in Newark, Delaware.

FMC acquired the 515-acre Stine Research Center campus as part of its acquisition of a portion of DuPont’s crop protection business in 2017.  The transaction was the largest in FMC history and retained more than 500 jobs in Delaware, transferred 45 employees from a nearby state and created 19 new positions.

“FMC is making a significant new investment in Delaware, and in a campus that has long been a center of world-class biotechnology and agriscience research,” said Governor John Carney. “This investment in Newark will support good-paying jobs for Delawareans and their families, and the continued growth of our state’s economy. It’s more true than ever that Delaware has a world-class workforce, and a quality of life that is second to none. And these investments by FMC help reaffirm that our state is a great place for businesses of all sizes to put down roots, grow, and create good-paying jobs.”

“Over the years, FMC has been a leader in developing agricultural products that our farmers need,” said Delaware Secretary of Agriculture Michael T. Scuse.  “As a global agricultural leader, we are excited to have their research facilities based in Delaware and their continued investment in the First State.”

FMC plans to reconfigure an existing structure at the facility to enhance its global research and development (R&D) efforts.  In support of the project, the company plans to hire 13 employees over the next three years, which would bring its total of full-time R&D employees at the Delaware campus to approximately 375.  The new positions include professional scientists and skilled associates, adding approximately $1.3 million to its annual payroll.  The site’s total workforce of nearly 600 includes support staff and contractors.

“We will invest nearly $2 billion in research and development through 2023 as a cornerstone of FMC’s long-term growth strategy,” said Mark Douglas, president and chief operating officer.  “FMC employees at the Stine Research Center will lead much of this critical discovery and development work to serve our global business and customers.  We’re pleased to partner with the State of Delaware to further our investment in the area.”

To support its expansion, the Council for Development Finance (CDF) approved a grant for $1,642,500 from the Delaware Strategic Fund, including $142,500 for a performance grant and $1.5 million for a capital expenditure grant.  The grant supplements the company’s own investment over a three-year period.  Both grants are contingent upon meeting employment benchmarks.

About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) is the nonprofit that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses, including agribusiness companies. DPP works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The team helps with reviewing potential sites, cost-of-living analysis, quality-of-life intel and funding opportunities, including available tax credits and incentives. For more information, visit www.choosedelaware.com.

About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe.

FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.

 

Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995:  FMC and its representatives may from time to time make written or oral statements that are “forward-looking” and provide other than historical information, including statements contained in this press release, in FMC’s other filings with the SEC, and in reports or letters to FMC stockholders.

In some cases, FMC has identified forward-looking statements by such words or phrases as “will likely result,” “is confident that,” “expect,” “expects,” “should,” “could,” “may,” “will continue to,” “believe,” “believes,” “anticipates,” “predicts,” “forecasts,” “estimates,” “projects,” “potential,” “intends” or similar expressions identifying “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases.  Such forward-looking statements are based on management’s current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement.  These factors include, among other things, the risk factors included within FMC’s 2018 Form 10-K filed with the SEC.  FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.

This press release contains certain “non-GAAP financial terms” which are defined on our website www.fmc.com.  In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term. 

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