Specialty chemicals company to expand in Hopewell
- January 12, 2011
Ashland Inc. plans to spend $39 million to expand its Hopewell facility, creating 15 new jobs and preserving 200 existing jobs.
Virginia competed with Ashland’s facilities in Europe and China for the investment.
A global, specialty chemical manufacturer, Ashland will add new equipment to in Ashland, boosting production capabilities.
John Panichella, president of Ashland Aqualon Functional Ingredients — one of the Fortune 500’s five commercial units — said he appreciated the state and local support of the expansion. “This cooperation provides a strong stimulus for business growth and encourages strong communities through which we all benefit,” he said in a statement. “It’s always very rewarding when new manufacturing jobs are created – truly a testament to the hard work, dedication and commitment of our Hopewell employees, and a symbol of our partnership with civic and government leaders.”
Gov. Bob McDonnell approved a $250,000 performance-based grant from the Virginia Investment Partnership program for the expansion. Ashland, based in Covington, Ky., operates in 100 countries and provides chemicals used in every day applications from automotive, food and beverages to pharmaceuticals and paper and durable goods. In fiscal 2009, the company’s annual revenue was $8 billion.