©2016 Michigan Economic Development Corporation

Granholm: Albemarle One Step Closer to Acquiring DSM in South Haven

Wednesday, July 19, 2006

Michael Shore, MEDC
(517) 335-4590

Governor Jennifer M. Granholm today announced Albemarle Corporation is one step closer to acquiring and continuing operations at the DSM Pharma Chemicals North America facility in South Haven as a result of assistance offered by the Michigan Economic Development Corporation. If completed, the acquisition is expected to create and retain 404 jobs, including 139 directly by the company.

An economic analysis conducted by the MEDC estimates that increased economic activity created by the facility will retain an additional 256 indirect Michigan jobs, in addition to the 139 retained directly by the company. The project is expected to generate more than $74 million in personal income for Michigan workers over the life of the tax credit.

The proposed acquisition is one of seven economic development projects the Governor announced today. In all, they are expected to create and retain a total of 1,666 Michigan jobs.

Albemarle Corporation, headquartered in Richmond, Virginia, is a leading global developer, manufacturer and marketer of highly engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; construction and packaging materials. The company serves customers in approximately 100 countries.

www.michigan.org.

Albemarle Corporation
Economic Analysis
Summary Estimates
(All Estimates in 2006 Dollars)

TOTAL JOBS RETAINED

404

Direct

139

Indirect

265

NET POSITIVE STATE REVENUE IMPACT

$18,397,000

Revenue Foregone

$4,114,000

Revenue Gain

$22,511,000

Average Weekly Wage

$960

$292,326,000

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