August 4, 2016 |
Chemours , the chemical maker spun off by DuPont last year with some of that company's dirtiest industrial plants, has decided to stay put in Wilmington. CEO Mark Vergnano cited the corporate-tax reductions passed by the Democratic legislature and signed by Gov. Jack Markell in the "Delaware Competes Act" as a reason not to move to New Jersey or Pennsylvania. "This legislation isn't about Chemours specifically," Markell spokeswoman Courtney McGregor told me. As DuPont fragments, the state has stepped up efforts to keep not just Chemours but also two other planned DuPont successor companies from fleeing, the way paint-making spin-off Axalta moved its headquarters to Philadelphia two years ago. Delaware used to tax business operations: The more you had, the more you paid.
April 22, 2016 |
Robert L. Frank, 90, a former financial analyst, died Monday, April 18, of pneumonia at Harlee Manor Nursing Facility in Springfield, Delaware County, where he had resided for 31/2 years. The third of eight children, Mr. Frank was a dedicated member of the Springfield Township community, where he grew up, delivered newspapers, and served as an altar boy at St. Francis of Assisi parish. He was a Boy Scout - certified as an Eagle Scout in 1943 - and remained active in scouting throughout most of his life.
April 2, 2016 |
The Main Fountain Garden at Longwood Gardens is a muddy mess these days. Great ruts of wheelprints gash the wet dirt. Pools of water collect in oozy lakes. Planks laid on the ground allow teetering passage for those without boots or waders. Shrieking beeps of backing construction machines pierce the air. And it all looks just the way it's supposed to. "It's not too often that you get to see Versailles being built," Paul B. Redman, Longwood's executive director, said as he took it all in from a high terrace in front of the Longwood Conservatory.
March 29, 2016 |
DuPont Co. collected $2.5 billion in after-tax profits last year. Dow Chemical Co. collected $4 billion. They aren't guaranteeing how many of the 5,000 or so people they still employ in Delaware will still have jobs when they are done merging and then splitting into three successor companies in a couple of years. So Delaware Gov. Jack Markell and state legislators from both parties say they felt they didn't have much choice but to give these highly profitable chemical-makers millions in grants and tax concessions, in hopes they won't fire or move more people away.
March 16, 2016 |
Just three months after he was named DuPont Co.'s top plastics executive, Patrick E. Lindner has quit the company where he worked for 20 years to join Delaware-based W.L. Gore & Associates, the privately held $3 billion developer of Gore-Tex fabrics. "He brings a broad range of complementary experience and expertise to Gore," Gore spokeswoman Amy Calhoun said Monday. "We're confident he will contribute in many ways. " Gore, which employs 10,000, eschews traditional business titles.
March 4, 2016 |
Dow Chemical Co. and the DuPont Co. have agreed to pay Dow's lame-duck CEO, Andrew Liveris, $53 million in cash, stock, and tax reimbursement payments, and DuPont CEO Edward Breen $27 million in 2017 after the combined companies break into three successor firms, the companies told investors and the Securities and Exchange Commission in a filing Wednesday. The CEOs have assembled these multimillion-dollar pay packages, which the company filing calls "golden parachutes," while planning and executing billions of dollars in cost cuts and plant and warehouse closings.
February 23, 2016
Battered by years of corporate departures, Delaware elected officials bragged as if they'd won the lottery when DuPont Co. and Dow Chemical Co. said the new corporation they are forming to sell pesticides and seeds will have world headquarters not at its Iowa-based crop seeds group, nor at Dow's Indianapolis pesticides business, but at DuPont's Chestnut Run office complex near Wilmington. Yet it's not clear this will add any Delaware jobs. DuPont and Dow plan more cost cuts in advance of their merger later this year.
February 21, 2016 |
In what Gov. Jack Markell called "a win for Delaware," the DuPont Co. and Dow Chemical Co. said Friday that they had picked DuPont's Chestnut Run office complex outside Wilmington as the headquarters for top officials of their planned new combined pesticide and seed company, which will bear the DuPont name. Delaware promised income-tax rebates for workers earning above $70,000 a year, $6 million in construction capital expenditure grants, and $3.6 million "to support employment" to keep the headquarters, state officials said in a statement.
January 13, 2016
Scholars, shareholders, the newly separated, and the long-frustrated have plenty to say about cuts to the central research and business units at DuPont Co. by new CEO Edward Breen . Some highlights: "DuPont struggled with return on R&D over the years," notes Ben duPont , a shareholder and past manager at the chemical giant that bears his ancestor's name. "For 40 years, like a drumbeat, every few years DuPont introduced a new blockbuster product - nylon, Teflon, Tyvek, Delrin, Kevlar, Lycra, Kapton, Neoprene, Mylar . " (They weren't all blockbusters; duPont still has a pair of Corfam shoes - the Edsel of leather.)
January 11, 2016
The gang now running DuPont Co. , that incubator of 20th-century U.S. industry, is scrapping many of its Wilmington headquarters institutions, as if they were old Rust Belt factories. Glowing paints and super plastics, miracle fabrics and insulators, electronics and fuel additives and their often toxic by-products are just a few of DuPont's highlights. Its science and engineering created that new-car smell, the snug and cleanable feel of a mass-marketed American home, and the security and menace of a fully equipped American soldier.