Company invests $39 million at Hopewell plant

Ashland Inc., a Fortune 500 chemicals company with headquarters in Covington, Ky., will invest $39 million to upgrade its facility in Hopewell.

Gov. Bob McDonnell said the investment will preserve 200 jobs at the plant, which was acquired by Ashland from Hercules Inc. in 2008, and also add 15 new jobs. The upgrade will increase the plant’s production capabilities.

A package of incentives from the state was offered, allowing Virginia to compete against the company’s other facilities in Europe and China for the project.

From the governor’s release:

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. Governor McDonnell approved a $250,000 performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies. The company may also be eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. 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.

Ashland Inc., a Fortune 500 chemicals company with headquarters in Covington, Ky., will invest $39 million to upgrade its facility in Hopewell.

Gov. Bob McDonnell said the investment will preserve 200 jobs at the plant, which was acquired by Ashland from Hercules Inc. in 2008, and also add 15 new jobs. The upgrade will increase the plant’s production capabilities.

A package of incentives from the state was offered, allowing Virginia to compete against the company’s other facilities in Europe and China for the project.

From the governor’s release:

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. Governor McDonnell approved a $250,000 performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies. The company may also be eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. 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.

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