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City National Bank chooses Delaware

City National Bank Growing in Delaware

Written on . Posted in In the News.

City National Bank Plans Major Newark Expansion

NEWARK – City National Bank, one of the largest West Coast banks that’s known as the “bank to the stars,” is planning a major expansion in Delaware.

The 35th largest bank in the country with more than $95 billion in assets, City National Bank has operated a trust office in the Linden Park office complex for several years. The company recently signed a lease for 30,000 square feet in the Buccini/Pollin Group-owned Iron Hill Corporate Center near Newark, according to Justin Rowley, a senior vice president of City National.

The new space will be home to a major workforce expansion for City National, growing its headcount by more than 475% in adding 253 new positions over the next few years, including operations managers, project managers, business analysts, operations specialists and other similar positions. That hiring is expected to begin in early 2023.

About 175 of those jobs will be lower, entry-level roles, but City National is preparing a $80,000 average starting salary at the office, which is about 10% higher than the state’s median household income.

The state’s public-private economic development organization, the Delaware Prosperity Partnership, has been working with City National since July on the project, and was reportedly considering other sites along the East Coast.

Geography played an important part to City National’s decision to come to Delaware, as it is equidistant to the bank’s hubs in New York and Washington, D.C., and close to the Philadelphia International Airport, which offers direct flights to Los Angeles.

Several of City National’s senior East Coast executives also work out of the current Pike Creek-area office, including Rowley, who is a Dewey Beach resident and a University of Delaware grad.

“We know the state very well. Many of the colleagues who work in our current state office have long-term and tenured experience with the state of Delaware. We know the talent and the university systems, and we know it can uniquely support our expanding growth,” Rowley told the CDF on Monday morning.

To support its expansion, the state’s job investment board, the Council on Development Finance, unanimously signed off Monday on a more than $3.53 million package of grants. That includes more than $2.75 million in a job performance grant to create the 253 jobs, $270,000 in a capital expenditure grant to support fit-out of its new offices and up to $500,000 for a workforce training grant.

The 68-year-old, Los Angeles-based bank is well-known for catering to Hollywood movie stars, helping to earn its moniker of “bank to the stars.” City National offers a full suite of personal, private and business banking, including wealth management, brokerage and leasing services, and software solutions. While supportive of customer needs, the Delaware workforce is not planned to be client-facing and focus on administrative and back-office needs, Rowley said.

Despite its roots in the City of Angels, the bank was acquired in 2015 by Royal Bank of Canada (RBC), the largest bank in Canada. Rowley said that while RBC is active in the management of City National, the American bank does have a large degree of autonomy in its work.

At Iron Hill Corporate Center, City National will be joining an office workforce that has seen a refresh in recent years, including the arrival of Discover’s workforce.

When asked about its decision to invest in a large office space as remote working has increased nationwide, Rowley said City National is actually seeing more of its colleagues desire a return to offices for at least a part of their work week.

“We are not finding that work-from-home is going to be a permanent fixture in the workplace and for the banking industry specifically; and we’re actually seeing a demand from people to have either an office presence or hybrid presence,” he explained. “It’s the reason why we’re looking to expand our physical presence and building a location that is new, fresh, enticing, and actually can build that collaborative work experience. So, we actually think that the expanded office presence … will help us with our recruitment.”

This article was originally posted on the Delaware Business Times website at: https://delawarebusinesstimes.com/news/city-national-expansion/

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global water tech company expands in Delaware

Global Water Tech Leader Expands in Delaware

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Global Water Technologies Leader Solenis Chooses Delaware for $40M Expansion

Growth in Wilmington Driven by Increasing Market Demand for Company’s Sustainability-focused Products and Expertise

WILMINGTON, Del. — Delaware-based global water technologies leader Solenis has chosen its hometown of Wilmington as the site for a $40 million research and development expansion.

In response to increasing market demand for its sustainability-focused products and expertise and with an eye toward long-term growth, Solenis will expand its R&D operations with a move to the 100,000-square-foot Building 713 at Chestnut Run Innovation and Science Park (CRISP). CRISP is a former DuPont campus that MRA Group is developing into a hub for a range of life sciences and advanced chemical companies.

Solenis is a global leader in supplying innovative specialty chemicals and services for process, functional, and water treatment applications to consumer and industrial markets.

The new CRISP facility will provide Solenis with 20,000 square feet more lab space than the company currently has at its existing R&D center on Ashland’s Wilmington campus. In addition to more space, the larger, upgraded site will allow Solenis to add up to 46 new highly skilled Delaware jobs — including lab technicians, scientists and R&D supervisors — within the next three years.

“Solenis chose to build their global water technologies in Wilmington. This week’s announcement shows their continued commitment to our state and workforce,” said Governor John Carney. “Solenis will expand its research and development operations to a 100,000-square-foot building. Thank you to Solenis for continuing to strengthen Delaware’s workforce and science and technology sector.”

Solenis is a vital part of Delaware’s science and technology sector and is a significant Delaware employer. Choosing to invest in a new facility in Wilmington will provide Solenis with the opportunity to grow its R&D team to support projected growth while solidifying its commitment to Delaware.

Originally spun off from Ashland and headquartered at Wilmington’s Avenue North since 2020, Solenis has 48 manufacturing facilities and more than 6,400 employees around the world to serve an array of industries in 120 countries. Solenis currently employs more than 300 in Delaware, with approximately 185 employees at the Avenue North headquarters and 140 employees at its Ashland R&D site. Both are located in Northern Delaware’s New Castle County.

“What the MRA Group has done for the CRISP campus is transformative for our County,” said New Castle County Executive Matt Meyer. “The redeveloped campus gives our existing Delaware companies that are expanding a home to grow and thrive. New Castle County is proud to continue to be the home of Solenis, which provides great jobs in our community producing innovative and sustainable solutions for everyday life.”

Solenis officials presented an application to Delaware’s Council on Development Finance (CDF) for a Jobs Performance Grant of $552,000 and a Delaware Lab Space Grant of $3.5 million from the Delaware Strategic Fund to support the company’s investment of $40 million. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved the Solenis team’s request for up to $4.052 million in total grant funding.

“Solenis has deep roots in Delaware, so we are pleased to announce our continued commitment to growing in the state at CRISP,” said John Panichella, CEO, Solenis. “This investment of moving our Wilmington research center to a contemporary new location, in combination with our recently opened headquarters at Avenue North, allows us to continue to attract, retain and recruit the highest caliber of employees.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Solenis

Solenis is a leading global producer of specialty chemicals focused on delivering sustainable solutions for water-intensive industries, including the pulp, packaging paper and board, tissue and towel, oil and gas, petroleum refining, chemical processing, mining, biorefining, power, municipal, and pool and spa markets. Owned by Platinum Equity, the company’s product portfolio includes a broad array of water treatment chemistries, process aids and functional additives, as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets, minimize environmental impact and maintain healthy water. Headquartered in Wilmington, Delaware, the company has 48 manufacturing facilities strategically located around the globe and employs a team of over 6,400 professionals in 120 countries across five continents. Solenis is a 2022 US Best Managed Company. For additional information about Solenis, please visit www.solenis.com or follow us on social media.

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biopharma company uvax bio expands in Delaware

Biopharma Company Uvax Bio Chooses Delaware

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Early-Stage Biopharma Company Uvax Bio Chooses Delaware for $8M Investment in Next Level of Growth

Expansion of vaccine research, development and commercialization operations bringing 63 new jobs to Newark over next three years

WILMINGTON, Del. – Uvax Bio LLC, an early-stage biopharmaceutical company with cutting-edge vaccine platform technology that has produced both COVID-19 and HIV-1 vaccine candidates, has chosen to grow in Newark, Delaware, where it has been headquartered since forming in 2018.

As part of its expansion, Uvax Bio plans to add 63 employees to its current five-member team. Positions will range from research associates to executive-level research directors with minimum salaries ranging from $45,000 to more than $130,000.

“Uvax Bio LLC is an innovative company in the science and technology sector, specializing in vaccine platform technology. Today’s announcement to grow in Newark shows their continued commitment to our state and workforce,” said Governor John Carney. “Uvax Bio plans to increase their employees tenfold with this expansion. Thank you to Uvax Bio for their commitment to Delaware’s rapidly growing life sciences sector.”

To accommodate its next level of growth, the company has relocated to 100 Biddle Avenue in Springside Plaza off Route 40. Plans there include renovating the site’s existing wet lab and office space into a facility ideal for achieving the company’s goal of developing vaccines that support public health and improve life.

Uvax Bio is an innovative part of Delaware’s rapidly growing life sciences sector. The company maintains vital partnerships with Newark-based, internationally known industry players such as the National Institute for Innovation in Manufacturing Biopharmaceuticals and the University of Delaware.

“New Castle County is proud to be home of another life sciences company that is providing life-changing vaccines for the world,” said New Castle County Executive Matt Meyer. “Uvax is a great example of when science and innovation merge into solutions that will save lives.”

Uvax Bio was formed to develop and commercialize next-generation vaccines to address infectious diseases that threaten global health. Uvax Bio holds an exclusive license agreement with California-based nonprofit biomedical research facility Scripps Research that covers 11 patented and proprietary 1c-SApNP® vaccines. The company’s platform technology is based on computational biology and rational design. These cutting-edge scientific tools were used to design the Uvax, an all-in-one, viruslike nanoparticle design and a one-for-all, simple manufacturing process invented by Uvax Bio co-founder and Chief Scientific Officer Jiang Zhu, Professor of Scripps Research.

The opportunity for Uvax Bio to take their two lead vaccine candidates for COVID-19 and HIV-1 into Phase 1 trials represents a major milestone for the company. While the company’s two lead candidates are entering human trials, Uvax plans to raise additional capital in order to advance other promising new vaccine candidates toward Phase 1 readiness.

During today’s meeting of Delaware’s Council on Development Finance, Uvax Bio officials presented an application for a Jobs Performance Grant of up to $1,061,955 and a Capital Expenditures Grant of up to $240,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Uvax Bio’s request for up to $1,301,955 in total grant funding.

“The team at Uvax Bio is passionate about our mission to design and deliver groundbreaking vaccines to address global threats from infectious disease,” said Ji Li, Ph.D., Uvax CEO. “We are very excited to build a team of talented scientific, business and administrative professionals right here in the Newark, Delaware, area!”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Uvax Bio

Founded in early 2018, Uvax Bio, a spinoff vaccine company from Scripps Research, employs proprietary 1c-SApNP® platform technology developed by Dr. Jiang Zhu of Scripps Research to develop and commercialize prophylactic vaccines for the most challenging infectious diseases. Uvax Bio’s mission is working to solve the world’s infectious disease threats by combining rational antigen design and protein engineering to create viruslike particle vaccines. Its vision is to become a global leader in the vaccine industry and offer vaccine solutions for unmet public health needs.

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avelo airline new base in Delaware

Avelo to Open New East Coast Base in Delaware

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HELLO, AVELO! Avelo Airlines Announces New East Coast Base In Wilmington, Delaware

20 October, 2022  | Delaware River & Bay Authority

avelo airline opens Delaware base

Avelo debuts five Florida destinations from the Delaware Valley region Introductory one-way fares start at $49

WILMINGTON, Del. — Avelo Airlines announced today that it will open the airline’s fourth base at Wilmington Airport (ILG) next February. The new base will unlock a new era of affordable, convenient and reliable air service for the Delaware Valley, encompassing portions of four states, including Delaware, Southeastern Pennsylvania / Philadelphia, South Jersey and the northern Eastern Shore of Maryland.  

Avelo will initially serve five popular nonstop Florida destinations from its new east coast base in Delaware at ILG: Fort Lauderdale, Fort Myers, Orlando, Tampa and West Palm Beach. Very low introductory one-way fares starting at $49* are available at AveloAir.com. 

Avelo Airlines Founder, Chairman and CEO Andrew Levy said, “The Delaware Valley region wants and deserves more affordable, convenient and reliable air travel. Avelo was founded with a simple purpose – to Inspire Travel. Our very low fares and nonstop flights to five sun-soaked Florida destinations coupled with the fast and seamless experience at Wilmington Airport will make traveling easier than ever. We appreciate the warm reception and support Avelo is receiving from Delaware Governor John Carney, New Castle County Executive Matt Meyer and so many other government and business leaders here. We look forward to welcoming everyone aboard Avelo’s first ILG flight in February.”

Delaware Governor John Carney said, “We’ve made significant infrastructure investments across our state, and we’re pleased to have Avelo join us here in Delaware. Avelo will provide Delawareans and visitors a convenient way to travel. Thank you to Avelo for choosing Delaware.”

New Castle County Executive Matt Meyer said, “Wilmington Airport has tremendous potential to be an economic driver in our County. We welcome Avelo to our community to provide reliable and fast service to our residents and look forward to further growth opportunities.”

Delaware River & Bay Authority Executive Director Thomas J. Cook said, “Wilmington Airport’s excellent location along the busy I-95 corridor, along with the lowest cost operating environment of any airport in the United States, offer customers the opportunity to forego the stress, expense and hassles of a big city airport. Avelo Airlines also recognizes the benefits that Wilmington Airport offers and is looking to be part of our community. It’s a great day for Delaware and more importantly, for travelers who are looking for affordable, convenient commercial air service options.”

Five Fun-in-the-Sun Nonstop Florida Destinations from New East Coast Base in Delaware

Beginning February 1, 2023, Avelo will serve five nonstop Florida destinations from ILG: 

Fort Lauderdale (FLL): A South Florida Haven

The reasons to visit Fort Lauderdale are as abundant as the sun and palm trees. There are over 300 sunny days a year, which gives visitors plenty of opportunities to enjoy nature, boating, diverse neighborhoods, events, attractions and unique “only-here” specialness that helps define Fort Lauderdale. With 24 miles of golden sandy beaches paired with waterfront dining and shopping, it’s easy to spend a day at the beach. With comfortable year-round temperatures, the Atlantic Ocean is always inviting to scuba divers, snorkelers, stand-up paddle boarders and jet skiers. The destination also boasts luxury hotels, museums, nightlife, shopping, casinos and family-friendly fun.

Fort Myers (RSW): Immerse Yourself in the Beauty of Florida’s Southwest Gulf Coast

Nestled along Southwest Florida’s clear turquoise Gulf Coast waters is the town of Fort Myers. Good days come naturally here with Fort Myers’ secluded white sand beaches and relaxing waterfront resorts that nurture a sense of casual sophistication. Visitors can sway from shopping Fort Myers’ charming boutiques, to indulging in world-class dining, to enjoying a barefoot sunset stroll on the beach. It’s been well over a century since Thomas Edison settled in “The City of Palms” — yet the community still generates an exciting energy that attracts visitors from around the world. Fort Myers promises endless ways to enjoy a romantic getaway or an activity-packed fun-in-the-sun family retreat.  

Orlando (MCO): The Theme Park Capital of the World

Endless excitement and unforgettable adventures are just minutes away for Avelo Customers arriving at Orlando’s most convenient airport – Orlando International Airport. Whether it’s a trip for families, couples, single travelers or a group of friends, Orlando is the perfect destination that ensures a memorable vacation filled with unique experiences for every visitor. While Orlando is known as the Theme Park Capital of the World for its incredible parks and attractions, there’s so much more to enjoy. The destination is also home to sizzling nightlife and a vibrant entertainment scene, craft breweries, wineries, professional sports teams and so much more. 

Tampa (TPA): The Heart of Florida’s Gulf Coast

When it comes to Tampa Bay, picturesque scenery and year-round sunshine create an ideal setting for those ready to explore and discover new treasures. With some of the world’s top-rated beaches, Tampa is a year-round haven for outdoor enthusiasts. Visitors can discover blue skies and sunshine, a sparkling waterfront, world-class chefs, family fun and a century of Cuban culture – all in one of Florida’s most diverse travel destinations.

West Palm Beach (PBI): White Sand, Turquoise Water and So Much More

The Palm Beaches are home to legendary coastline, shopping and entertainment. The area’s iconic restaurants, glitzy nightlife and unapologetically luxurious resorts attract sunseekers from across the globe. Lined with stately palm trees, this South Florida paradise is a vacationer’s nirvana. With miles of world-famous white sand beaches and turquoise water, there is a spot on this majestic Atlantic coastline for every mood and interest.

Avelo ILG Flight Schedule

Orlando (MCO)
Special Inaugural Flight Wednesday, February 1, 2023
Effective February 3, 2023 – Mondays, Fridays and Saturdays

Fort Lauderdale (FLL)
Effective February 2, 2023 – Thursdays and Sundays

Tampa (TPA)
Effective February 2, 2023 – Thursdays and Sundays

Fort Myers (RSW)
Effective February 3, 2023 – Mondays and Fridays 

West Palm Beach (PBI)
Effective February 4, 2023 – Wednesday and Saturdays

ILG — The Delaware Valley’s Ultra-Convenient Airport

Wilmington Airport offers a refreshingly smooth, simple and friendly alternative hometown airport experience. ILG’s adjacency to multiple major highways make it the Delaware Valley’s most convenient and travel-friendly airport.

Avelo will initially base one Boeing Next-Generation (NG) 737 at ILG. Avelo currently operates 11 737 NG aircraft. The airline expects to have 14 737s by the end of 2022 and 16 aircraft operating across its nationwide network by the end of next March. 

Over time, Avelo expects to serve hundreds of thousands of Customers at ILG. To support its ILG base, the airline will initially create at least 35 jobs. These positions will include a combination of Avelo Crewmembers and jobs with Avelo business partners operating at ILG. Roles will include Airport Customer Service, Flight Attendants, Pilots, Aircraft Technical Operations and Maintenance, and Supervisors. Candidates can learn more about Avelo career opportunities by visiting AveloAir.com/Careers. 

As a new airline, Avelo is an excellent opportunity for individuals at all stages of their career to join a successful and fast-growing company. Avelo offers competitive compensation, comprehensive healthcare coverage, a company-matching 401K retirement program and free space available air travel on Avelo, among many other benefits. Additionally, Avelo Crewmembers have access to Avelo University, which offers job-readiness training and ongoing career development courses. Grounded in the airline’s One Crew Value, Avelo offers an inclusive, collaborative and caring culture.  

ILG will be Avelo’s fourth base. The airline currently operates bases at Los Angeles’ Hollywood Burbank Airport (BUR), Southern Connecticut’s Tweed-New Haven Airport (HVN) and Orlando International Airport (MCO). Avelo has postponed previously announced plans to open a base at Fort Myers’ Southwest Florida International Airport (RSW) due to a significant reduction in travel demand resulting from Hurricane Ian. However, Avelo continues to operate flights between RSW and HVN and will begin operating flights between RSW and ILG in February. 

America’s Affordable and Convenient Airline

Avelo was founded with a vision to help its Customers save money and time. Since taking flight on April 28, 2021, Avelo has flown more than 1.2 million Customers on over 10,000 flights.

In addition to offering Customers everyday low fares on every route, Avelo Customers can always change or cancel their itineraries with no extra fees. Avelo also offers several unbundled travel-enhancing options that give Customers the flexibility to pay for what they value, including priority boarding, checked bags, carry-on overhead bags, and bringing a pet in the cabin.

Additionally, the American-made Boeing 737 jets Avelo flies offer a more spacious and comfortable experience than the small regional aircraft currently operating at most of the airports Avelo serves. Customers who value an advance seat assignment can choose from several modestly priced seating options, including seats with extra legroom, as well as pre-reserved window and aisle seating. One-third of seats on Avelo aircraft are available for Customers who appreciate the comfort of extra legroom. 

With the addition of ILG, Avelo serves 32 destinations across the U.S. The airline has brought more convenience, choice and competition in air travel by flying unserved routes to primarily underserved communities across the country. At least one airport on every Avelo flight is a small hometown airport – making every Avelo journey easier and more enjoyable. 

At Avelo, every flight is also nonstop. This connection-free travel experience not only provides Avelo Customers with a faster and simpler travel experience but also minimizes delays, cancellations and lost bags. In fact, Avelo has established itself as one of America’s most reliable airlines with a year-to-date flight cancellation rate of 1% and an industry-leading year-to-date checked bag handling performance of 1.9 mishandled bags per 1,000 checked bags. 

Avelo is distinguished by its Soul of Service culture. The culture is grounded in Avelo’s One Crew Value which promotes a welcoming and caring experience. By caring for one another and owning their commitments, Avelo Crewmembers focus on anticipating and understanding Customer needs on the ground and in the air.

About Avelo Airlines

Avelo Airlines was founded with a simple purpose — to Inspire Travel. The airline offers Customers time and money-saving convenience, low everyday fares, and a refreshingly smooth and caring experience through its Soul of Service culture. Operating a fleet of Boeing Next-Generation 737 aircraft, Avelo serves 32 popular destinations across the U.S., including its four bases at Los Angeles’ Hollywood Burbank Airport (BUR), Southern Connecticut’s Tweed-New Haven Airport (HVN), Orlando International Airport (MCO) and the Delaware Valley’s Wilmington Airport (ILG). For more information visit AveloAir.com or the Avelo Newsroom at AveloAir.com/Newsroom. 

About the Delaware River and Bay Authority

The DRBA, a bi-state governmental agency created by Compact in 1962, owns and operates the Delaware Memorial Bridge, the Cape May-Lewes Ferry, and the Forts Ferry Crossing. The DRBA also manages corporate and aviation properties through its economic development powers – two airports in New Jersey (Millville Airport and Cape May Airport) and three in Delaware (Wilmington Airport, Civil Air Terminal and Delaware Airpark). All DRBA operating revenues are generated through the bridge, ferry and airport facilities. For more information, visit www.drba.net.

This article was originally posted on the Delaware River & Bay Authority website at: https://www.drba.net/hello-avelo-avelo-airlines-announces-new-east-coast-base-wilmington-delaware

Kurt Foreman

PRESIDENT & CEO

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ally financial growing fair square financial credit business delaware

Ally Chooses To Grow Fair Square In Delaware

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Ally Plans Wilmington Credit Business Expansion

28 September 2022  | Delaware Business Times

ally financial growing fair square financial in Delaware

WILMINGTON, Del. – Fresh off of its acquisition of fintech startup Fair Square Financial, the auto lending giant Ally is now planning an expansion in Wilmington that will add up to 150 highly paid positions.

Founded six years ago by a handful of banking veterans from Bank of America, JPMorgan Chase, Capital One, Citigroup and elsewhere, Fair Square launched its sub- and near-prime credit card Ollo in 2017.

Led by CEO Rob Habgood, the startup quickly landed the support of notable investors, securing $300 million from investment firms. Supported by a $779,000 state taxpayer-backed Strategic Fund grant in 2017, Fair Square expanded its offices at the Brandywine Building in downtown Wilmington and hired additional staff to manage its data analytics, data mining, marketing and credit underwriting.

In December, Detroit-based Ally acquired Fair Square for $750 million and has since been considering how to further grow the business.

While Ally would have options to potentially move the credit operations – it has a number of offices spread across the country – the company has chosen to invest in an expansion of Fair Square in Wilmington. It will invest $520,000 to renovate 22,000 square feet of Brandywine Building offices and increase employment by up to 200% over the next few years. The average salary for the new positions would be $170,000 and include analysts, managers and directors, according to Habgood.

“Ally has the ability to significantly accelerate the growth of our credit card business to support this higher growth opportunity,” Habgood said. “We originally chose Wilmington to start a business because it provided access to a deep reservoir of credit card talent.”

In supporting that expansion, the state’s investment board, the Council on Development Finance, unanimously approved Monday a $20,000 capital grant and a $2.64 million job performance grant to create the new jobs over the next three years. Ally currently employs 75 people in Delaware and a handful more out of state.

While the council members questioned whether any of the roles could eventually be turned remote and moved out of state, state officials assured them that grant terms require the created roles to file Delaware income taxes. They also noted that Fair Square more than fulfilled the terms of its first grant.

Habgood explained that Fair Square employees are currently working a hybrid schedule after the pandemic, but in-person communication remains a valued part of their culture.

“Our goal is to get as many people as possible and we as a business have been successful because of the integrated nature of getting all people together and working through the problems,” he said.

Ollo – a name with no specific meaning but chosen for its easy-to-pronounce name – offers two different cards, one with no annual fee and one with unlimited cash back on purchases. It worked with Wilmington-based design firm Bounteous on the products, adding to its local commitment.

Like other near- or subprime credit lenders, Fair Square goes beyond traditional credit report metrics to identify good customers, including reviewing length of residencies, long-term credit history and other data to determine if they would reliably repay debts. To date, Fair Square has about 1 million customers holding loans worth about $1 billion.

In 2020, it successfully securitized $300 million in credit card debts, with favorable ratings from credit rating agencies, showing that its modeling had produced reliable clients.

This article was originally posted in the Delaware Business Times at: https://delawarebusinesstimes.com/news/ally-plans-wilmington-credit-business-expansion/

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semiconductor manufacturing delaware dupont

DuPont Expanding in Newark, Delaware

Written on . Posted in Press Releases.

DuPont Chooses Delaware for Expansion of Semiconductor Materials Production

WILMINGTON, Del. (August 22, 2022) – DuPont Semiconductor Technologies, a business unit of DuPont Electronics & Industrial, and a leading producer of specialty materials used in the production of semiconductors, has chosen Glasgow, Delaware, for a $50 million expansion in response to growing industry demand.

Following an extensive site search throughout Northern Delaware and Maryland, DuPont Electronics & Industrial decided to expand its Semiconductor Technologies manufacturing operations into a new 385,000-square-foot facility near its existing Newark, Delaware, location. The new semiconductor manufacturing facility is planned to become the primary work site for more than 70 existing workers and create about 10 new positions in Delaware.

“The DuPont Company has been part of Delaware’s DNA for 220 years. With this expansion of their semiconductor division, the company is showing their commitment to our state and workforce,” said Governor John Carney. “This site will bring with it a new 385,000-square-foot facility and 10 new jobs close to its existing Newark campus at a time when semiconductors are needed more than ever. Thank you to DuPont Electronics & Industrial for continuing to make Delaware a part of the DuPont story.”

DuPont and its innovative technologies have played a key role in Delaware’s economy for over 220 years. Today, DuPont is a premier multi-industrial leader with technology-based materials and solutions that help transform industries and everyday life.

DuPont Semiconductor Manufacturing Ready to Serve  Growing Demand

DuPont Semiconductor Technologies delivers enabling materials for semiconductor fabrication, packaging and assembly. In Delaware, the Semiconductor Technologies team manufactures key materials used in chemical mechanical planarization (CMP), an essential step in modern semiconductor fabrication processes.

Semiconductors are vital parts of the technologies people depend upon daily around the world. Demand for semiconductor chips continues to grow, driven by global trends such as surges in data storage, 5G and other wireless communications, and automotive electronics. Increased reliance on digital technologies for online collaboration and cloud computing also highlight how critical semiconductor chips are to the global economy.

Poised for a decade of growth, the semiconductor industry is projected to become a trillion-dollar industry by 2030. With its latest investment, DuPont will be well positioned to serve customers in this growing industry from its Delaware facilities.

Supporting DuPont Electronics & Industrial’s investment of $50 million in equipment and fit out costs for the new site are a Jobs Performance Grant of $65,550 and a Capital of Expenditure Grant of $1,578,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund is dependent on the company meeting commitments as outlined to Delaware’s Council on Development Finance, which reviewed and approved the company’s request for up to $1,643,550 in total grant funding.

“DuPont materials for chemical mechanical planarization are an essential part of the semiconductor supply chain, used by customers around the world in highly sensitive semiconductor chip fabrication,” said John Singer, Vice President, Integrated Operations, DuPont Electronics & Industrial. “As we expand to meet industry growth, we’re pleased to have identified a new facility near our existing CMP manufacturing operations in Delaware, where we can continue to have close collaboration with our experienced colleagues in operations, engineering, quality and other interconnected teams.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About DuPont Electronics & Industrial

DuPont Electronics & Industrial is a global supplier of new technologies and performance materials serving the semiconductor, circuit board, display, digital and flexographic printing, healthcare, aerospace, industrial and transportation industries. From advanced technology centers worldwide, teams of talented research scientists and application experts work closely with customers, providing solutions, products and technical service to enable next-generation technologies.

About DuPont

DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.

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