Michigan business leaders are worried about rival states' overtures to Dow Chemical ahead of its pending merger with DuPont.
The Center for Michigan's Bridge magazine, citing executives who spoke on condition of anonymity, reported that Dow quietly discussed incentives offered by other states to shift jobs away from its Michigan headquarters.
Dow has been located in Midland, Mich., since its inception in 1897 and employs some 6,500 city residents between its main office, nearby operations and the Dow Corning joint venture.
The company last year announced plans to merge with DuPont — creating one of the world's largest chemical companies — then split into three publicly traded companies within two years.
The new company focused on material science will retain the Dow name and remain headquartered in Midland, but whether all of the current Midland-area workforce remains in Michigan remains to be seen.
The pitches from other states, meanwhile, come as Michigan curbed its incentives for economic development.
Gov. Rick Snyder's administration, Bridge reported, believes that state government should not be involved in awarding business incentives, but the executives worried about the state's ability to match offers from elsewhere.
“We need to do everything we can so Dow sees Michigan as a great place to invest for years to come," Michigan Economic Development Corp. Chairman Doug Rothwell told Bridge. "We have to do whatever we can to make this work.”
