Tag: New Castle County

Gov. Carney Designates Four Cities as Downtown Development Districts

Gov. Carney designates four cities as Downtown Development Districts


Gov. John Carney is designating New Castle City, Middletown, Clayton and Delaware City as Downtown Development Districts.

The selections mean property owners and developers can get up to 20 percent of their construction costs refunded back to them for eligible redevelopment projects.

State Rep. Jeff Speigleman represents parts of Middletown and Clayton. He said plenty of projects in the eight other development districts would not have gotten done without this program. He points to the House of Coffi in Dover as one example.

“Right around the corner from Legislative Hall, which has become a meeting place for legislators and lawyers,” he said. “One of those like neat little coffee shops that people love where a lot of us get business done, doesn’t happen without the DDD.”

Carney said the program is very successful and will help the economies of smaller cities and towns by leveraging state funding and private investment.

“It’s also a signal that the economic development efforts of the state are not just geared towards larger businesses and large corporations and big banks, which are an important part of our economy, but small businesses as well,” he said.

Former Gov. Jack Markell designated the eight current Downtown Development Districts, which include Dover, Seaford, Harrington, Georgetown and Wilmington.

Lawmakers approved $8.5 million for downtown redevelopment in this year’s budget. Delaware State Housing Authority Director Anas Ben Addi said the program has issued $31.6 million in rebates, leveraging $597 million in private investment.

This article was originally posted on the Delaware Public Media at: https://www.delawarepublic.org/post/gov-carney-designates-four-cities-downtown-development-districts

Kurt Foreman


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25 Opportunity Zones Ready for Development

25 Opportunity Zones ready for development

9 JULY, 2019

Whether you are looking for mixed-use, multi-family, affordable/attainable housing, commercial rental, owner-occupied, energy, transportation, infrastructure, social impact or traditional projects, Delaware has options for you within our 25 qualified Opportunity Zones.

Click here for more information.

Opportunity Zones are an economic development tool designed as revitalization programs in economically-distressed communities in Delaware and in other communities by providing tax benefits to investors.

Governor John Carney selected 25 census tracts as Opportunity Zones in April 2018 in which communities and economically-distressed properties across Delaware could see additional private sector investment. These Opportunity Zones are designated by the U.S. Department of the Treasury.

The 25 Opportunity Zones in Delaware are found in specific census districts in the following towns and cities, from the top of the State of Delaware (located less than 15 miles from the Philadelphia International Airport-PHL) to the bottom (located 20 miles from Salisbury Regional Airport – SBY).

Click here for more information.

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Delaware’s Fintech Boom is Already Here

Delaware’s Fintech Boom is Already Here

25 JUNE, 2019 

If you’re still waiting for fintech to explode in Delaware, you may be looking at it in terms too narrow.

“It already has,” says John Taylor, director of economic research for the Delaware Prosperity Partnership, who recently completed an in-depth report on fintech in Delaware along with First State Fintech Lab and University of Delaware’s Institute for Public Administration.

The view that fintech has yet to truly materialize in Delaware is fueled by a definition that hyper-focuses on the startup sector and disregards established financial institutions as not real tech companies.

As we’ve written over the past few years, companies such as JPMorgan Chase and Capital One are tech companies. Once you factor in the evolution of banks — and their large pool of Delaware tech jobs — the Wilmington fintech boom materializes.

(Fun fact: Delaware accounted for 75% of all fintech investment in the Philadelphia region in 2018.)

“We think taking the broad view makes a lot of sense here, particularly from a workforce angle,” said Taylor in an interview with Technical.ly. “A major reason early stage fintech companies are so interested in Delaware is because of our strength in the broader financial services space — they know they can hire folks with talent on the financial services side, the credit risk analysis side and tech talent.”

While several digital-born fintech companies such as PaypalAcorns and SoFi have bases in Delaware, and homegrown fintech startups like Fair Square Financial and Marlette Funding continue to grow, they’re only half of the picture.

“Just focusing on the startup side of things really misses a big piece of what fintech has become,” said Taylor. “Particularly if you look at the increasing synergy between startups and established firms. We’re seeing more acquisitions in this space, as some of those larger firms look to grow their services.”

How much impact does fintech have in Delaware?

“Right now, we have the most jobs we’ve ever had in Delaware, about 465,000 jobs in the state; unemployment is 3.2%; and financial services is really a significant driver of our economy: We’ve got nearly 48,000 jobs, up from about 41,000 at the bottom of the recession,” said Taylor. “We’ve seen some pretty significant growth, and fintech accounts for about 9% of employment in the state, the highest share of any state in the country — about double the national average.

“And these jobs are at firms of all shapes and sizes,” he said. “One of the rules of our report was to help bring in some clarity and shared understanding to what that means and some of the trends.”

Delaware is #1 in patents issued in the United States. (Screenshot via Delaware Prosperity Partnership report)

And it’s not just jobs: “We’re not just an employment, hub, but really a hub for innovation,” Taylor said.

“One thing I found particularly interesting was that when we looked at some data over the last decade in fintech-related patenting activity, we found almost 200 over that time, which ranked Delaware first nationally on a per capita basis,” he said. “That accounts for where these companies and individuals are based, not necessarily where the patent is created. And even if we look at that, we still rank second.”

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Premier Research Campus Available

Premier Research Campus Available

11 JUNE, 2019

Available: Premier Research Campus

974 Centre Rd. Wilmington, DE 19805

  • First time on the market.
  • 444,000 sq ft of laboratory and support space.
  • Master planned development includes 14 buildings. Existing space totals 788,000 sq ft.
  • Seven stand-alone buildings, totaling 468,000 sq ft available for lease.
  • Existing infrastructure includes chemical, engineering, and process laboratories.
  • Campus served by central utility plant for the generation of chilled water and steam.
  • Highly flexible traditional poured concrete and steel constructed buildings.
  • Land available for potential build-to-suit opportunity

Click here for a campus map.

For more information:

Becky Harrington
Director, Business Development

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Biotech Institute Expanding to New Space on STAR Campus

Biotech Institute expanding to new space on STAR campus


The Delaware Biotechnology Institute will expand into 70,000 square feet within the new six-story, $160 million Biopharmaceutical Innovation Building on the STAR Campus next February.

The building, which includes labs, offices, collaborative space, and shared research instrumentation facilities, will be the home of the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL), a UD-led coalition of 150 companies, educational institutions, nonprofits and state governments.

Biopharmaceuticals are prescription drugs made with living cells.

“We need more space to support the expanding needs of life science researchers across campus,” said Dr. John Koh, the interim director of DBI and a UD professor in chemistry and biochemistry. “We’re not abandoning our current site, but expanding and moving our core facilities to support current and future initiatives on STAR campus. There’s an enormous difference between office space and wet research space. Being in the new building will also help us support the new NIIMBL program.”

The Delaware Biotechnology Institute is a magnet for life-science research and development. The institute supports multidisciplinary, collaborative research at all of Delaware’s research organizations, including the University of Delaware, Delaware State University, Christiana Care Health System, Nemours/A.I. duPont Hospital for Children, Wesley College, and Delaware Technical and Community College.

The Institute houses research laboratories with scientists, students, and faculty working on projects related to agriculture, human health, and energy and the environment and also makes available high-end instrumentation facilities to Delaware’s entire life-science community. DBI researchers are focused on advanced sequencing technologies, imaging technologies, and computational capabilities.

NIIMBL is funded through a $70 million cooperative agreement with the National Institute of Standards and Technology (NIST) in the U.S. Department of Commerce and leverages additional commitments from partners.

Koh said the new building will be occupied by UD faculty from four colleges and will help faculty and staff that will help launch a new program in pharmaceutical sciences at the university. The Delaware Biotechnology Institute will take a little over two floors of the six-story building besides the 70,000 square feet it has in its current location at 15 Innovation Way.

This article was originally posted on the Delaware Business Times at: https://www.delawarebusinesstimes.com/biotech-institute-expanding/

Kurt Foreman


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Wilmington Becoming a Tech Hub

Wilmington becoming a tech hub


There’s a huge demand for technology professionals — and for good reason.

Almost everything about our behaviors as consumers is changing, becoming more digital, meaning that the companies that serve us have to become digital as well.

At M&T Bank, we recognize that organizations need to be adaptable in order to find success in the future, a change largely driven by technology.

We recently announced plans to hire hundreds of professionals in Delaware in the next few years, including about 200 technologists. Our goal is to make Wilmington a destination for tech talent, and we plan to embed our new tech hires with all the other employees driving the growth in our downtown offices.

Choosing Wilmington was no mistake. Wilmington offers businesses like ours a unique opportunity to work with local government, higher education, non-government organizations, startups, and other private corporations to create a unique ecosystem conducive to the very tech talent hub we are working to build.

Plus, it doesn’t hurt that Wilmington offers a lower cost of living and stronger sense of community when compared to the top-tier cities competing for the very same tech talent.

So we asked ourselves, how can M&T Bank be part of the solution in cultivating and bringing tech talent to Delaware? To put it simply, we saw an opportunity to bring our use of technology in-house and place it within the communities we serve.

We think this gives us an edge in differentiating our products and services, but it also challenges us to build a strong tech community in Delaware.

To create alternate pipelines for hard-to-find tech talent, we will establish a technology development program in partnership with higher education institutions such as the University of Delaware and other colleges. We have also committed to partnerships with programs such as Zip Code Wilmington, which coaches motivated people from diverse backgrounds into skilled, professional developers.

Kurt Foreman


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GT USA Wilmington Launches new Infrastructure Investments

GT USA Wilmington launches new infrastructure investments


GT USA Wilmington is on track with its first improvements at the Port of Wilmington after its first quarter managing the facility, according to its new CEO, Eric Casey.

“GT USA Wilmington is immensely proud to have received a 50-year concession to operate the port and to provide $600 million to upgrade and expand the terminal,” Casey said.

Improvement and extension of the dock and crane rail are under way, and these projects should be completed by this summer at a cost of $17 million. GT USA is also enhancing warehouse storage by increasing racking for palletized cargo.

According to Casey, the port will soon begin work on upgrading cargo throughput capacity from 350,000 TEUs to 600,000 TEUs, along with new capacity for roll-on/roll-off cargo.

Casey was appointed CEO of GT USA Wilmington LLC in October. He was previously vice president of Virginia International Terminals and an executive at Maersk Line. Casey spent 26 years with the U.S. Marine Corps, including roles in Special Operations, a National-Level Special Mission Unit and tours in Force Reconnaissance.

GT USA Wilmington, a subsidiary of UAE-based Gulftainer, signed a 50-year concession agreement last September to operate and expand the Port of Wilmington, Delaware, which has served shipping lines since 1923.

As part of the concession agreement, Gulftainer will invest significantly in the port by building a new container facility at DuPont’s former Edgemoor site. GT USA Wilmington also will establish a training facility for the ports and logistics industries, which is expected to train up to 1,000 people a year.

This article was originally posted on the Maritime Executive at: https://www.maritime-executive.com/article/gt-usa-wilmington-launches-new-infrastructure-investments

Kurt Foreman


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M&T Commits to Tech Jobs, Other Roles in Delaware

M&T commits to tech jobs, other roles in Delaware


M&T Bank and its Wilmington Trust subsidiary will hire hundreds of tech talent over the next few years, including 50 new “technologists” over the next nine months and reinforce its commitment to downtown Wilmington by housing them in a space that will embed technology teams with the people driving the growth of the bank’s business.

In addition, the bank hopes to fill more than 100 open positions in 2019 throughout the state — nearly half in Sussex County — as it continues to grow through all lines of business. It will also be establishing a technology development program at the University of Delaware and University of Maryland for professional positions and internships as well as filling jobs through partnerships with organizations like Zip Code Wilmington, which offers a 12-week coding boot camp with job placement assistance upon completion of the program.

The bank has quietly consolidated 130 employees over the past few months on two floors of the 10-story Wilmington Plaza building at 301 W. 11th St.

We need to be less dependent on outsourcing,” said M&T Chief Information Officer Mike Wisler. “Buying other people’s products mutes your ability to compete and create differentiated experiences.”

Wisler said M&T plans to add 1,000 technologists — software engineers and designers, UI/UX and web developers, database and cybersecurity experts, and technical team leads — over the next five years to its two primary technology centers in the company’s hometown of Buffalo, New York and in Wilmington, with Wilmington expected to get about 200 of those jobs.

The Wilmington Plaza building offers “puts everyone together, creating collisions that will allow us to operate at the speed of our competition,” Wisler said. “The physical environment plays a big role in our efforts to be transformational and agile. We’re trying to create a community [feeling] and align various initiatives with the bank’s mission, purpose, and vision.”

Wilmington Mayor Mike Purzycki praised the decision to locate the new jobs downtown as proof that “M&T believes in the city. It’s important because people look to the future to make financial decisions so when people make decisions like this to invest in the city, it’s great for confidence.”

Purzycki said he likes the idea of more people walking along Market Street shopping and experiencing the “grit, humanity and personality” of the city.

“Generally speaking, people love to be in cities. As long as you don’t scare them away for the wrong reasons, announcements like this demonstrate we can overcome” structural issues like parking and the wage tax, he said. “I want employers to tell their people that Wilmington is a great place to be. The more people who live here, the more things change.”

M&T Delaware Region President Nick Lambrow says the bank is moving toward an “integrated model with lots of initiatives that provide us with different ways to look at and serve our client base.”

M&T retained the Wilmington Trust brand for its wealth and institutional business after acquiring the bank in
2011. Wilmington Trust now employs about 2,000 people in 54 locations with a little more than half in Delaware, according to Executive Vice President Bill Farrell, who oversees the Wealth and Institutional Services Division.

“We’ve developed new products and grown market share across our businesses,” Farrell said, noting as an example that Wilmington Trust’s structured finance (securitization) business has increased its market share over the past five years from 1.3 percent to 16.9 percent to become the third-largest in that market niche.

“Adding these technologists to our team alongside our product managers will enable us to continue developing products like Wilmington Trust FastTrack, which makes it easier for our Merger and Acquisition Escrow business to get people paid more efficiently and WT Connect, which created a new front end for investors to self-serve in the structured-product area,” Farrell said.

“We take pride in operating much like a fintech in accelerating our speed to market,” Lambrow said. “We realize that our competition is no longer just large banks, and we’re of a size where we can act or react like a fintech.”

It’s generally accepted that there is an industrywide shortage of tech jobs, giving rise to organizations like Zip Code Wilmington and Year Up.

“It’s the scarcest resource on the planet with lots of competition. But we feel that our story is an advantage.
One big differentiator for M&T and Wilmington trust is that its size allows employees on both the tech and operations side to have an impact on our business. That may not be the case at a larger institution.

“University programs are not producing the talent we need so we have to create other pipelines while still making a meaningful investment in local universities,” Wisler said, adding that there is a growing opportunity to attract experienced professionals from the traditional big-city tech hot spots. “We are focusing on professional recruiting and relocation as we find lots of people from this area who would like to return.”

“It’s never been more important to create a sense of belonging and inclusion,” Lambrow said. “We still think of ourselves as a community bank and we’re committed to our branch system. But we must provide alternative ways to connect with our customers” who don’t need to come into the branch.

This article was originally posted on the Delaware Business Times at: https://www.delawarebusinesstimes.com/mt-commits-to-tech-jobs-other-roles-in-delaware

Kurt Foreman


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STAR Campus: Innovative, Award-Winning STEM Hub

STAR Campus: Innovative, award-winning STEM hub

A center for synergy in science, technology, advanced research — and business development.

3 APRIL, 2019

If Delaware is where the world comes to do business, the Science, Technology and Advanced Research (STAR) Campus at the University of Delaware (UD) is where the STEM world and the business world come together to stimulate innovation and employment opportunities in science, high-technology and health sectors.

Once home to a Chrysler auto assembly plant, the 272-acre site has been transformed into a live-work-learn, opportunity zone that Collaborating tenant companies accelerate research commercialization by leveraging UD’s internationally renowned expertise in science, engineering, business, public policy and entrepreneurship.

STAR offers unique access to highly sought-after talent, innovative research state-of-the-science facilities including incubation space and equipment in one of the most accessible locations in the United States, just steps from a new rail station and minutes off I-95, in the center of the New York City to Washington, D.C. power corridor.

Investment and Growth

With more than 1 million square feet of real estate in use and under active construction plus more than $0.5 billion of invested capital, STAR Campus has grown exponentially since it was acquired by UD in 2008. STEM organizations and investors can benefit from tax credits and incentive programs that encourage innovation and job creation in Delaware.

In March, STAR Tower, a 10-story innovation hub with state-of-the-art classrooms, labs and high-tech business partners, was featured on USA Today’s list of amazing university buildings.

Chemours, a Delaware-based global chemicals company has invested $150 million in the development and construction of the Chemours Discovery Hub on the campus. This 312,000-square foot research facility will be home to 330 researchers and technicians, and an important center for talent development, when it becomes operational in 2020.

Also on the campus is the Delaware Technology Park, a full-service incubator working in collaboration with the Small Business Development Center (SBDC) and UD, featuring flexible, state-of-the art incubation space and access to the resources startups need to drive and accelerate economic success.

Also contributing to the culture of synergy and innovation that exemplifies STAR Campus are the UD College of Health Sciences, the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL), Bloom Energy, a zero-emissions vehicle test laboratory, and a performance computing company.

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Millennial-Centric Banking App to Hire 30-50 Industry Vets to Drive Growth

Millennial-centric banking app to hire 30-50 industry vets to drive growth


Acorns, the company behind a simple investment application with more than 5 million account holders, will add up to 50 technology and operations jobs downtown over the next six months, expecting to find them among longtime Delaware bankers looking to return to the fast-growth days.

The Irvine, California-based company’s core product is a mobile-banking app that rounds up users’ daily purchases to the nearest dollar and automatically puts the difference into investment accounts.

New Chief Technology Officer Hugh Tamassia says the company sees Wilmington as “a powerful financial community that has been depleted over the past few years with people who can help us scale and add products,” he said.

He should know. Both Tamassia and Acorns Chief Operating Officer Manning Field worked for JPMorgan Chase in Wilmington for more than a dozen years.

The new Acorns employees will be housed in The Mill, a co-working space located a block from Rodney Square, in what is another positive piece of news this week for downtown Wilmington.

Tamassia says he’ll be looking for 20 to 30 technologists —developers, testers, program managers, and scrum masters —while the operations side will be looking for 10-20 risk managers and other operations people “with years of doing banking at scale who can bring that experience to an emerging product.”

Tamassia, who joined Acorns on Jan. 11, said he’s been charged with ensuring “that every part of our infrastructure is scaled to meet the demand of a fast-growing customer base.” He’s looking for people like himself who will be attracted by the company’s vision of being a financial wellness system that “puts the tools of wealth-making in everyone’s hands.”

Acorns, which launched in 2014,was one of Fast Company magazine’s Most Innovative Companies of 2019 and counts actor Ashton Kutcher and Golden State Warriors star Kevin Durant among its investors.

Perhaps more important, NBC Universal and Comcast Ventures announced an equity investment in the startup in late January that includes a strategic partnership with Comcast-owned CNBC to produce original content with Acorns.

The investment was part of Acorns’ latest $105 million funding round, which put its valuation at $860 million. BlackRock, Bain Capital Ventures, TPG’s Rise Fund, DST and Michael Dell’s MSD Capital also took part in the Series E round. NBCUniversal, which is now Acorns’ biggest shareholder, also received a seat on the startup’s board.

According to the company, the average Acorns customer is around 32 years old with an income of $50,000 to $60,000. The CNBC partnership is designed to reach an “up-and-coming” financial audience that is younger or less financially savvy.

In addition to its retirement-investment product, Acorns users can open an IRA and obtain a checking account and debit card that link to its investment products.


Kurt Foreman


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Wilmington PharmaTech to Expand in Delaware; Planning New Large-Scale Manufacturing Facility

Wilmington PharmaTech to expand in Delaware; planning new large-scale manufacturing facility

25 FEBRUARY, 2019

Wilmington PharmaTech, with locations in Newark, Delaware and Suzhou Jiangsu, China, is expanding – planning to hire up to 139 new employees and invest $18 million in a new state-of-the-science research and manufacturing facility, to be located on 2309 Sunset Lake Road in Newark, Delaware.

Wilmington PharmaTech, in operation since 2003, is a Contract Research/Manufacturing Organization that provides integrated services to pharmaceutical companies and biotech firms to expedite new pharmaceutical product development. One of their main offerings is manufacturing of Active Pharmaceutical Ingredients (API’s) and related materials under cGMP, which is an important aspect in the drug development process that is required to ensure product quality and provide consistency during formulation and manufacture.

PharmaTech currently employs 37 full-time staff in the United States in several Newark locations including a 16,000 square foot building at 229A Lake Drive, a 50,000 square foot facility on Sunset Lake Road (previously owned by DuPont) and a 40,000 square foot building at Pencader Drive.

“Wilmington PharmaTech’s expansion shows Delaware’s distinctive strength in supporting biotechnology and pharmaceutical start-up companies and builds on a foundation that began more than 200 years ago with the DuPont Company,” said Governor John Carney.  “We remain committed to supporting job growth throughout Delaware.”

Dr. Ke Li, PMP®, PharmaTech’s Director of Operations, presented the company’s growth plans to the Council on Development Finance (CDF) on Monday, February 25, including the plan to build a new, large-scale pharmaceutical production facility. Wilmington PharmaTech requested a $300,400 performance-based grant to support adding new jobs and a grant of $360,000 for assistance with capital costs.

“This marks the next wave of growth, positioning Wilmington PharmaTech as the leader in new drug manufacturing in the US,” Said Hui-Yin Harry Li, Ph.D., President and CEO of Wilmington PharmaTech. “This expansion scales up operations and significantly enhances offerings to our clients in API manufacturing and related services. It also expands our portfolio of research, development, and potential commercial API services. PharmaTech’s expansion plans fulfill the commitment to growth and its hallmark reputation for excellence for our employees, customers, partners and our community in the state of Delaware.”

About Wilmington PharmaTech

Wilmington PharmaTech is a fully integrated Contract Research/Manufacturing Organization (CRO/CMO) specializing in chemical process research and cGMP manufacturing, analytical method development and validation.  The soon-to-be-built Active Pharmaceutical Ingredients (API) manufacturing will serve the growing pharmaceutical, biotech and virtual biotech startups and as a one-stop contract research and manufacturing service provider. To learn more about Wilmington PharmaTech, please visit http://www.wilmingtonpharmatech.com.

 About Delaware Prosperity Partnership

Delaware Prosperity Partnership is a nonprofit that leads the state of 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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Chemours Opens New Global HQ in Renovated DuPont Building

Chemours opens new global HQ in renovated DuPont Building

16 JANUARY, 2019

The Chemours Company, a global chemical firm, opened its renovated company headquarters on January 15 within the historic, 106-year-old DuPont Building on Rodney Square in downtown Wilmington — the former headquarters of DuPont, which spun off Chemours in 2015.

“This is a place that our team can be proud to call home,” Chemours President and CEO Mark Vergnano told the gathering of local dignitaries. “Our renovated office is a perfect metaphor for Chemours – a company grounded in its legacy, but transforming into an agile, innovative and collaborative enterprise with a bias for actions and growth.”

Now in his fourth year as leader of the new company, Vergnano expressed continued confidence about Chemours’ future growth in a time of market turmoil. In an interview with Delaware Business Times after the ceremony, Vegnano said, “People recognize that we’re the world leaders in our fields, and the market gets that,” he said, referring to the decentralized firm’s three operating units – Titanium Technologies, Fluoroproducts and Chemical Solutions.

The new headquarters will occupy 280,000 square feet in an 11-story segment of the building that is owned by the Buccini/Pollin Group (BPG), which also oversaw the 20-month renovation. Chemours’ share of construction costs was $30 million.

Vergnano said his company made a conscious decision not to change the building’s name to the Chemours Building out of respect for the company’s heritage, which dates back to the founding of DuPont on Brandywine Creek in 1802.

U.S. Sen. Tom Carper, Gov. John Carney, Wilmington Mayor Mike Purzycki and BPG Co-President Christopher Buccini were among the speakers at the ceremony and ribbon-cutting event that took place in the ornate Nobel Room on the 11th Floor.

Buccini purchased the building, including the Hotel du Pont, from Chemours in 2017 and set about revitalizing the structure, including adding residential units.

“After having renovated the Nemours and Brandywine buildings earlier, we had the knowledge of what worked and what didn’t work,” Buccini said. “This project stressed tested our company’s capabilities.” In his prepared remarks, Buccini noted that “Chemours’ decision to be based in this historic building is a fitting tribute to their heritage, while their 21st Century workspace points boldly to their future. We are proud to have been on this journey with them.”

Approximately 850 Chemours employees and contractors will work in the headquarters, which has 125 meeting rooms, 73 conference rooms and one café per floor of the building. The structure’s open-concept design features ergonomic chairs and sit/stand desks. In addition, 500 marble panels were recovered during renovation– about 50 tons in all – and reused in the building.

Carney noted that “this is probably the happiest day I’ve had in my two years as governor,” crediting the work done toward keeping Chemours in Wilmington and Delaware by his predecessor, former governor Jack Markell. “The state of Delaware can’t be successful without Wilmington being successful, and Wilmington can’t be successful” without a strong business base.

Purzycki, who followed Governor Carney to the podium, said, “If John is happy, you can’t imagine how happy the mayor of Wilmington is.”

Business analysts continue to be bullish on Chemours, most rating it a “buy” or “strong buy” to potential investors. Vergnano expressed confidence in the strength of the American economy, while noting that global market volatility continued to make the company’s stock undervalued. “I was given the advice by other CEO’s when I took over not to check the stock price every day,” he said. “We can’t control market volatility, which is a reflection of the fact that the market hates uncertainty.”

He re-stated his opinion that Chemours, with its worldwide manufacturing and marketing capabilities, is positioned better than most companies to weather this uncertainty, which includes tariff wars, the slowdown of the Chinese economy and what will play out with Brexit, the UK’s planned withdrawal from the EU.

“We’re not interested in acquisitions or new business outside the three areas where we have a strong presence,” he said. “Second, we will continue to invest in ourselves [through normal business expansion]. And, we will continue to provide cash back to our stockholders.”

Chemours had annual revenue in 2017 of more than $6 billion and with 45 manufacturing and laboratory sites worldwide, serving customers in over 130 countries.

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