JOHNSTON, Iowa (AP) — Iowa has lost its bid to land the corporate headquarters of the agricultural company that will be formed after the DuPont-Dow Chemical merger is completed.
The Des Moines Register reports (http://dmreg.co/21dxKJ1 ) that DuPont and Dow announced Friday that the headquarters will be located in Wilmington, Delaware. The new company will retain strong presences in Johnston, Iowa, where DuPont Pioneer is situated, as well as Indianapolis, Indiana, home to Dow Agrosciences.
The Iowa Economic Development Authority's due diligence committee Friday approved a $2 million forgivable loan and up to $14 million in research activities tax credits for the new company. The full board is expected to approve the measure later Friday.
The credits apply to the expected 250 to 500 research and development jobs the company expects to retain in Johnston.
Iowa Gov. Terry Branstad and several others released statements Friday following the decision.
“We are proud that DowDuPont’s leadership has selected Iowa as its Global Business Center for its newly formed agriculture company," said Branstad. "We are anxious to help DowDuPont experience success in Iowa, by providing a foundation to build on and a business climate that nurtures growth.”
Lt. Gov. Kim Reynolds said the continued presence of DuPont in Iowa, once it merges as DowDuPont, will allow the state to "compete for future growth opportunities."
Sen. Chuck Grassley said while the announcement was a disappointment, "it underscores the value of Pioneer's outstanding employees and innovative research and development. It’s further evidence that the people of Iowa are again our greatest asset. I hope this new entity will continue to embrace the unique and strategic resources of Iowa and its workforce."
Sen. Joni Ernst said the disappointing news is difficult for for Iowans who were laid off as a part of the decision.
"My thoughts are with them during this time," said Ernst. "Although the agricultural company will not be headquartered in Iowa, it is my hope that Dow-DuPont will expand and produce more good-paying jobs in our state in the very near future."