Specialty chemical company announces $89 million expansion in Hopewell

A major chemical company said Thursday it will invest more than $89 million to expand its manufacturing operation in Hopewell. The project by Covington, Ky.-based Ashland Inc. is expected to create 17 jobs and retain 237 positions.

Ashland Inc., a Fortune 500 company, provides specialty chemicals to customers in various markets, including architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceuticals.

“This expansion will allow us to improve our competitive position, enhance service to our customers and support new growth opportunities in the marketplace,” Luis Fernandez-Moreno, senior vice president of Ashland Inc. and president, Ashland Specialty Ingredients, said in a statement.

Gov. Terry McAuliffe approved a $700,000 performance-based grant from the Virginia Investment Partnership program for the project. The company may also be eligible to receive state benefits from the Virginia Enterprise Zone Program. The Virginia Jobs Investment program will provide money and services for the company’s employee training activities.

Virginia competed against Kentucky, Texas, Brazil and China for the project.