The Economy

Specialty Chemicals Company to Expand in Virginia

Jan. 13, 2011

State beat out the company's facilities in Europe and China for the project.

Ashland Inc., a Covington, Ky.-based specialty chemicals company, plans to invest $39 million to improve and expand its Hopewell, Va., facility.

The expansion, which is just getting underway, will accommodate new equipment to increase Ashland's production capabilities.

The expansion will preserve 200 jobs and create 15 new jobs, according to the state.

Virginia successfully competed against the company's facilities in Europe and China for the project.

"Virginia acted quickly and encouraged this Fortune 500 company to grow its Hopewell facility," Gov. Bob McDonnell said. "The facility, acquired by Ashland from Hercules Inc. in 2008, has operated in the community since 1912, and we are pleased that it will continue as a mainstay of the local economy."

The Virginia Economic Development Partnership worked with the city of Hopewell and Virginia's Gateway Region to prepare a proposal and negotiate an incentive package to secure the project for Virginia. McDonnell approved a $250,000 performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies.

The company also may be eligible to receive state benefits from the Virginia Enterprise Zone Program, according to the state.

Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company's recruitment and training activities.

About the Author

Josh Cable | Former Senior Editor

Former Senior Editor Josh Cable covered innovation issues -- including trends and best practices in R&D, process improvement and product development. He also reported on the best practices of the most successful companies and executives in the world of transportation manufacturing, which encompasses the aerospace, automotive, rail and shipbuilding sectors.

Josh also led the IndustryWeek Manufacturing Hall of Fame, IW’s annual tribute to the most influential executives and thought leaders in U.S. manufacturing history.

Before joining IndustryWeek, Josh was the editor-in-chief of Penton Media’s Government Product News and Government Procurement. He also was an award-winning beat reporter for several small newspapers in Northeast Ohio.

Josh received his BFA in creative writing from Bowling Green University, and continued his professional development through course-work at Ohio University and Cuyahoga Community College.

A lifelong resident of the Buckeye State, Josh currently lives in the Tremont neighborhood of Cleveland. When the weather cooperates, you’ll find him riding his bike to work, exercising his green thumb in the backyard or playing ultimate Frisbee.