Tag: New Castle County

Evernorth Will Grow Accredo In Delaware

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Evernorth Health Services to Expand Operations in Delaware with New 200,000-Square-Foot Specialty Pharmacy and Distribution Facility

WILMINGTON, Del. –  Evernorth Health Services, The Cigna Group’s health services business, has chosen Newark, Delaware, as the location of a new approximately 200,000-square-foot specialty pharmacy and distribution facility. Within the facility, Accredo, Evernorth’s specialty pharmacy, will dispense lifesaving medications to patients across the Northeast. Additionally, Evernorth intends for its specialty pharmaceutical distributor, CuraScript SD, to operate from the facility alongside Accredo and distribute specialty medications to health care providers who treat rare and complex conditions.

The Newark, Delaware, facility will expand and replace Accredo’s existing location in New Castle, Delaware, which it has operated since 2007. The facility will be staffed by nearly 90 existing Delaware employees consisting of pharmacists, pharmacy technicians, warehouse associates, operations staff and more. Evernorth anticipates more than doubling the number of Delaware employees at the Newark facility over the next several years. These employees are dedicated to supporting patients diagnosed with some of the most rare and complex conditions known today, as well as providers who help treat these patients.

“Delaware is a health care hub for the Mid-Atlantic region. That’s one of the reasons Evernorth chose Delaware to grow their existing specialty pharmacy services and fulfillment facility,” said Governor John Carney. “We are pleased Evernorth plans to make a significant investment in the First State to expand their operations, which will enable the company to retain and add jobs over the next several years.”

“Congratulations to Accredo on their expansion in New Castle County,” said New Castle County Executive Matt Meyer. “Increasing job opportunities here in the first county in the First State is important to continue to make our state a great place to live, work and raise a family.”

Delaware Prosperity Partnership supported Evernorth’s request to Delaware’s Council on Development Finance for a Jobs Retention Grant, a Jobs Performance Grant, a Capital Expenditure Grant and a matching Training Grant.

“This new facility will help us meet the growing demand and need for specialty medications, which have risen by 280% over the past two decades,” said Matt Perlberg, President, Pharmacy, Evernorth Health Services. “Evernorth is a leader in specialty pharmacy, dispensing millions of medications to patients and providers every year. As more complex medications come to market in the years ahead, our expanding location in Delaware will enable us to more efficiently and effectively distribute these lifesaving medications to individuals throughout the country, particularly in the Northeast.”

“Delaware has been home to one of our Accredo specialty pharmacy facilities for many years, and we look forward to deepening and expanding our ties in the community as we develop our new location,” said Perlberg.

About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (choosedelaware.com) is the nonprofit public/private organization that leads Delaware’s statewide economic development efforts to attract, grow and retain businesses; build a stronger entrepreneurial and innovation ecosystem; and support private employers in identifying, recruiting and developing talent.

About Evernorth Health Services

Evernorth Health Services creates pharmacy, care and benefits solutions to improve health and increase vitality. We relentlessly innovate to make the prediction, prevention and treatment of illness and disease more accessible to millions of people. Evernorth capabilities are powered by our businesses, including Express Scripts, Express Scripts® Pharmacy, Accredo, CuraScript SD, eviCore and MDLIVE, along with holistic Evernorth platforms and solutions that move people and organizations forward. All Evernorth solutions are serviced and provided by or through operating affiliates of Evernorth Health, a wholly owned subsidiary of The Cigna Group (NYSE: CI), or third-party partners. Learn more at evernorth.com.

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PCOnline Spinoff EtailFlow Chooses DE

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PCOnline Chooses Newark, Delaware, for Location of Strategic Spinoff for Supply Chain Management

EtailFlow expansion creating at least 45 new jobs over next three years

WILMINGTON, Del. – EtailFlow LLC, a supply chain management company created as a strategic spinoff from Delaware-based national ecommerce leader PCOnline earlier this year, will grow its operations alongside its parent company in Newark, Delaware.

PCOnline leadership actively searched sites in Delaware and throughout the region for a new location to grow EtailFlow before selecting space adjacent to its 80-employee headquarters in Prides Crossing off Route 4. The EtailFlow facility will feature a fulfillment center; a fully customized ERP system, including a smart warehouse; fulfillment of Seller-Fulfilled Prime orders; Fulfilled by Amazon preparation services; direct business-to-consumer orders; purchasing agent services; and return processing services.

With this breadth of services and a pipeline of business with projected year-over-year revenue increases of 20%, EtailFlow plans to add at least 45 jobs to its current Delaware staff of two during the next three years. These full-time positions will include warehouse staff, technicians, workshop operators and logistic specialists.

“We’re pleased that EtailFlow LLC is expanding their operations and creating new jobs in Newark,” said Governor John Carney. “We remain committed to helping entrepreneurs start and grow their businesses here in Delaware. This decision reaffirms that Delaware is the ideal place for businesses to thrive.”

PCOnline was founded in a home garage in Newark by two University of Delaware graduate students in 2015 as an ecommerce business to resell computers on Amazon. Since then, the company has become the top Amazon reseller in the PC category and expanded onto the Walmart Marketplace and Newegg Marketplace platforms while developing relationships with most major computer manufacturers.

PCOnline grew nearly 300% in revenue from 2020 to 2022. In recognition, the company received a 2022 Blue Hen 17&43 Award as the fastest-growing company led by UD alumni and ranked #3 on the 2022 Philadelphia100 Forum 100 Fastest Growing Companies list.

As part of that growth, the company expanded from its focus on ecommerce to providing additional supply chain services. In 2023, the decision was made to spin off those services – distribution, logistics and warehousing – from PCOnline’s main business into EtailFlow.

“EtailFlow LLC’s expansion in Delaware is a testament to PCOnline’s commitment to growth and innovation,” said New Castle County Executive Matt Meyer. “As they set their sights on new horizons, they exemplify the spirit of entrepreneurship and the opportunities that are here in the First State.”

Delaware Prosperity Partnership supported EtailFlow’s request to the Council on Development Finance for a Jobs Performance Grant of up to $155,970 from the Delaware Strategic Fund. Distribution of these grants is dependent upon the company meeting commitments as outlined to the CDF, which reviewed and approved the request.

“At EtailFlow, our core mission is to redefine the supply chain industry while leaving a meaningful impact on our community,” said Charles Zhang, chief executive officer, EtailFlow. “We are dedicated to generating more employment prospects for our local community, ultimately infusing vitality in the Delaware economy.”

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About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (choosedelaware.com) is the nonprofit public/private organization that leads Delaware’s statewide economic development efforts to attract, grow and retain businesses; build a stronger entrepreneurial and innovation ecosystem; and support private employers in identifying, recruiting and developing talent.

About EtailFlow LLC

EtailFlow is a leading supply chain management company focusing on efficiently distributing electronic goods. With a strong emphasis on quality, reliability and customer satisfaction, EtailFlow offers a comprehensive suite of services that includes purchasing services, add-on-value services and logistics.

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Agile Cold Chooses DE for $170M Facility

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Agile Cold Storage Chooses Delaware for $170M Cold-Storage Facility that will Bring 130 New Jobs to Claymont over Next Five Years

WILMINGTON, Del. – Georgia-based Agile Cold Storage has chosen Claymont, Delaware, as the location for a 275,000-square-foot cold-storage facility to help meet growing demand from North American food manufacturers, processers and growers. The project will create 130 new jobs and involve capital investment of more than $170 million over two phases across the next five years.

Agile Cold specializes in blast freezing, layer/case picking, cross docking, export services, tempering and e-commerce and offers automation in warehouse receiving, storage and shipping and a multi-temperature storage network suitable for a wide variety of inventory. The company’s Agile Cold Claymont division will locate in First State Crossing, a currently brownfield property that previously was a steel mill, along Naamans Road.

Positions there will include management and supervisors, general laborers, forklift operators, inventory control, customer service and maintenance. Additional jobs are likely to be added by partner service providers associated with the facility.

“We are excited that Agile Cold Storage is choosing Delaware for its next facility. This will create good jobs and economic investment in Claymont,” said Governor John Carney. “Their operations will build on Delaware’s strong foundation in food manufacturing and transportation, helping our region’s supply chain.”

The company, which was founded in 2020, operates two facilities in the Metro Atlanta area and is planning a third in Macon. Adding an automated multi-temperature warehouse in Delaware will allow Agile Cold to expand into the Mid-Atlantic and Northeast markets and help meet growing proximity-related demands for fresh, refrigerated and frozen foods and more frequent deliveries. It also will provide much-needed modern infrastructure to a food supply chain challenged by aging, outdated and energy-inefficient cold storage that lacks the height, column spacing and multi-temperature zones required by modern food suppliers.

In addition, the project will bring long-sought investment and industry to Claymont – a community still affected by past industrial closings. It also will support business at the Port of Wilmington and future operations at the proposed port expansion at Edgemoor.

“We are thankful to Agile Cold Storage for choosing New Castle County for their location,” said New Castle County Executive Matt Meyer. “We’re especially excited about the addition of more than 100 jobs to the area.”

Delaware Prosperity Partnership engaged with Agile Cold over the last year as it considered possible sites in Delaware and surrounding states for its Northeast/Mid-Atlantic expansion. Today, DPP supported the company’s request to the Council on Development Finance for a Jobs Performance Grant of up to $510,500 and a Capital Expenditures Grant of up to $4.05 million from the Delaware Strategic Fund. Distribution of these grants is dependent upon the company meeting commitments as outlined to the CDF, which reviewed and approved Agile Cold’s request.

“During the past two years, we have worked closely with Delaware officials who recognized the need for modernized cold storage and the benefits that it offers, including job creation and improved supply chain efficiencies,” said Don Schoenl, Agile Cold Storage president and CEO. “We are grateful to local and state representatives for their professionalism and commitment. Agile is looking forward to hiring our team members and servicing our customers starting next summer.”

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About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (choosedelaware.com) is the nonprofit public/private organization that leads Delaware’s statewide economic development efforts to attract, grow and retain businesses; build a stronger entrepreneurial and innovation ecosystem; and support private employers in identifying, recruiting and developing talent.

About Agile Cold Storage

Headquartered in Gainesville, Georgia, Agile Cold Storage (agilecoldstorage.com) offers diversified storage and logistics solutions customized to fit client needs. The company aims to deliver better, faster and more cost-efficient supply chain solutions while maintaining a commitment to upholding the highest level of customer service. Focusing on safety and service, Agile partners with North American food manufacturers, processers and growers in need of temperature-controlled warehouses to service their customers and brings proven technologies and flexible problem-solving to assist in resolving supply chain challenges.

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BSDE Call Hub Creating 227 Delaware Jobs

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Nonprofit Chooses Wilmington, Delaware, for $2.3M Medical Scheduling Center That Will Create 227 Jobs for Economically Vulnerable Individuals While Helping with Post-Pandemic Staff Shortages

BlindSight Delaware Enterprises plans regional hub to train and employ Delawareans with visual and other disabilities, Delaware veterans and statewide Promise Communities residents in on-site and remote positions

WILMINGTON, Del. – Blindsight Delaware Enterprises (BSDE), a 501(c)(3) nonprofit social business enterprise founded in 2021, has chosen Wilmington, Delaware, as the site for a $2.3 million regional medical scheduling hub that will train and employ more than 225 Delawareans with economic vulnerabilities while helping to alleviate staffing shortages created by the COVID-19 pandemic.

BSDE’s call center will be located in the CSC Station coworking space, which is adjacent to Joseph R. Biden Jr. Railroad Station in downtown Wilmington. It will provide on-site and fully remote jobs to Delawareans with physical and socioeconomic challenges while serving healthcare providers throughout Delaware and beyond and generating revenue to support local social service programming.

“The BlindSight Delaware Enterprises medical scheduling hub will not only create more than 200 good jobs for economically vulnerable Delawareans, but also will help solve a healthcare staffing problem to support services for our state’s blind and visually impaired residents,” said Governor John Carney. “This project builds on Delaware’s strong healthcare foundation and is a great example of how innovative Delaware’s business and nonprofit communities are.”

Blindsight Delaware Enterprises call center

BSDE will hire 227 Delawareans who are blind or visually impaired, have other disabilities, are military veterans and/or live in economically disadvantaged Promise Communities in New Castle, Kent and Sussex counties by the end of 2025. Most of these employees will be full-time medical schedulers, whose duties will include scheduling and confirming appointments, answering questions, providing directions and reminders and resolving problems for patients of Beebe Healthcare and other providers that contract with BSDE.

“We couldn’t be happier to welcome BlindSight Delaware Enterprises to Wilmington,” said Wilmington Mayor Mike Purzycki. “Governments and businesses strive for excellence in customer service every day, and having a locally based scheduling center in Wilmington will not only improve the experience of individuals looking to schedule medical appointments, it will also provide good jobs to hundreds of Delawareans in need of just such an opportunity. The City stands ready to support this effort in any way that we can, and we wish BlindSight Delaware Enterprises much success.”

Nationwide, the demand for medical schedulers has increased dramatically since the COVID-19 pandemic escalated turnover in hospital staffing. BSDE’s call center will help solve this problem in Delaware while also helping to alleviate underemployment among some of the state’s most economically vulnerable populations and generate income to support other social service programming for local residents who are blind or visually impaired.

Delaware Prosperity Partnership has worked with BSDE for several months as the organization has explored programs to enable these plans. Today, DPP supported BSDE’s application to the Council on Development Finance for a Jobs Performance Grant of up to $608,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved the organization’s request.

DPP’s Joseph L. Lewis II, Kurt Foreman and Bryan Mack joined BlindSight Enterprises Executive Director and CEO John Baker, center right, for the Delaware Council on Development Finance meeting.

DPP’s Joseph L. Lewis III, Kurt Foreman and Bryan Mack joined BlindSight Enterprises Executive Director and CEO John Baker, center right, for the Delaware Council on Development Finance meeting.

“As a former commercial banker and a 30-year Delaware not-for-profit leader providing direct services to those in need along with employment throughout Delaware, I have been honored to lead this social business enterprise to both employ and serve Delawareans and our high-priority industries, while drawing contracts from Philadelphia, Southern New Jersey, Baltimore and Chicago to make Delaware the call center hub of our region,” said John Baker, BSDE executive director and CEO. “We could not do this without the support and vision of DPP, the CDF and other visionary Delaware leaders.”

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About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (choosedelaware.com) is the nonprofit public/private organization that leads Delaware’s statewide economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent.

About BlindSight Delaware Enterprises Inc.

BlindSight Delaware Enterprises Inc. (bsdenterprises.org) is a nonprofit joint venture established in 2021 by BlindSight Delaware (formerly the Delaware Association for the Blind) and The Chicago Lighthouse, two social service agencies supporting the blind and visually impaired in Delaware and Illinois respectively. BSDE’s mission is to empower Delawareans who are blind, visually impaired, disabled or veterans by providing employment opportunities that enhance quality of life and support independent living. BSDE was created to provide training and employment opportunities for mission-related individuals in Delaware. BSDE operates as a social enterprise, and the revenue it generates supports social programs of the founding organizations.

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Agilent Investing $22M in Delaware Site

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Agilent Chooses Delaware for $22M Investment in Manufacturing to Meet Growing Demand for Biopharma Consumables

Investment in Newport facility will support economic and job growth over next decade

WILMINGTON, Del. – Agilent Technologies Inc., a global leader in analytical instrumentation development and manufacturing and one of Delaware’s largest private-sector employers, has chosen to modernize and expand its Newport, Delaware, manufacturing facility to meet growing global demand for its biopharma consumables.

Agilent plans to invest nearly $22 million to increase the capacity of its lab-based manufacturing site in Newport, leasing 12,000 square feet adjacent to its existing facility and fitting out 9,900 square feet as lab space with new infrastructure, equipment and instrumentation. Over half of the remaining square footage will become a warehouse, storage and shipping/receiving area, and the balance will be used for offices.

This latest expansion follows another investment by Agilent last year to its Wilmington-area Little Falls R&D labs. Agilent employs 18,000 people worldwide, including more than 950 in Delaware. The Newport site employs 110 workers, and the expansion is expected to create additional new jobs over the next 10 years.

“Delaware has a strong manufacturing history, and this latest investment by Agilent Technologies confirms the company’s commitment to innovating in the First State,” said Governor John Carney. “We are pleased Agilent will be expanding and bringing more good-paying jobs to the state’s strong science, technology and biopharmaceutical sectors.”

The Newport facility, one of several Agilent manufacturing sites across the United States, produces liquid chromatography columns used for chemical and biochemical analysis, drug discovery, environmental control and analytical chemistry. Growing worldwide demand for these analytical consumables led the company to review its U.S. facilities to determine the best opportunity to grow production capacity. Agilent’s decision to invest in its Newport site in New Castle County reflects confidence in Delaware’s dynamic business environment and the large pool of regional talent.

“Agilent’s latest expansion is proof that New Castle County is a great place to create and grow your business,” said New Castle County Executive Matt Meyer. “It’s become well known that we have the resources and the talent to continue to be a leader in the chemical and biopharma industry.”

DPP’s Noah Olson, left, and Megan Kopistecki, joined Agilent Technologies Manufacturing Site Manager Graham Margetts, center, in presenting to the Delaware Council on Development Finance.

DPP’s Noah Olson, left, and Megan Kopistecki, joined Agilent Technologies Manufacturing Site Manager Graham Margetts, center, in presenting to the Delaware Council on Development Finance.

Delaware Prosperity Partnership has been engaged with Agilent as the company explored growth possibilities in Delaware. Today, DPP supported Agilent’s request to the Council on Development Finance for a Delaware Graduated Lab Space Grant of up to $693,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Agilent’s request.

“Agilent has been operating in Delaware for more than 20 years, and we are pleased to continue investing in our manufacturing and R&D facilities in the First State,” said Henrik Ancher-Jensen, Agilent’s Order Fulfillment and Supply Chain president. “We are honored to be part of this dynamic community that supports innovation and growth and attracts top talent.”

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About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (choosedelaware.com) is the nonprofit public/private organization that leads Delaware’s statewide economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent.

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help customers bring great science to life. Agilent’s full range of solutions includes instruments, software, services and expertise that provide trusted answers to customers’ most challenging questions. The company generated revenue of $6.85 billion in fiscal 2022 and employs 18,000 people worldwide. More information about Agilent is available at agilent.com.

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DTP Hub to Grow Delaware Life Sciences

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Photo courtesy of South Duvall

LIFE SCIENCE SYNERGY

New facility at the Delaware Technology Park has major potential for UD and Delaware

For more than 20 years, the Delaware Technology Park (DTP) in Newark has been one of the state’s main economic drivers, bringing jobs in research and development and helping to educate and train future innovators through synergy and partnerships with the University of Delaware.

The park will build on that rich history of success on the eastern edge of the UD campus by leasing out the final parcel for construction of a three-story, 100,000-square-foot facility that aims to become a hub for life science and research companies. In addition, it could potentially provide wet-lab space for commercial spinouts from the University.

“The life sciences community continues to grow in Delaware and the region, with UD contributing critical research, innovation and workforce development,” UD President Dennis Assanis said. “Our previous partnerships with DTP companies have yielded outstanding opportunities for students, such as internships, guest lectures and employment. We anticipate that the companies in this new facility will open new avenues for federally funded research collaborations with UD’s faculty and research centers.”

The developer, Rockville, Maryland-based South Duvall, has signed an agreement to begin construction on the last remaining parcel — a nearly seven-acre piece of land fronting Wyoming Road. The property’s adjacency to UD was a major factor for the company, said Robert Scheer, South Duvall’s president and a life science real estate industry veteran. Among the reasons for his excitement: the University’s elite engineering programs, the potential to house UD facilities and that university research parks have proven to be dynamic spaces for growth across the country.

“We are excited to play a role in the next stage of the Delaware Technology Park’s growth,” Scheer said. “An impressive ecosystem has been built in Newark and this building will foster continued growth in Delaware’s life science community.”

Mike Bowman, president and CEO of DTP, said its management and board have wanted to fill the remaining parcel with a signature multi-tenant life science building for a while, but have been waiting for the right market conditions.

“That time has arrived,” Bowman said. “Several local companies are seeking to expand, and new ones are interested in coming to Delaware. The proximity to UD is vital for tenants to collaborate with UD’s facilities, research talent and future workforce.”

Like the other five buildings at the technology park, the new facility will have a multitude of benefits for UD and its faculty and students.

Bringing more companies close to campus provides students — especially those who don’t have access to private transportation — the ability to take advantage of experiential learning and employment. Also, DTP@STAR, the incubator on STAR Campus, has limited space and is best suited for very small businesses. The new building will enable growth for these and other companies and encourage job retention in Delaware.

South Duvall officials expect to bring in the first of its tenants — which will join 10 others at Innovation Way — at some point in 2025.

Kurt Foreman, president and CEO of the Delaware Prosperity Partnership (DPP), lauded the University, Delaware Technology Park and South Duvall for their efforts, which will further DPP’s mission to attract, grow and retain businesses in Delaware.

“Increasing Delaware’s inventory of affordable, high-quality lab space invites companies from both within and outside the state to choose to grow here will support Delaware’s continued momentum in life sciences and other lab-based fields,” said Kurt Foreman, president and CEO of Delaware Prosperity Partnership. “DPP appreciates DTP’s decades of leadership in promoting the long-term growth of Delaware’s science and technology sector through projects like this and welcomes South Duvall’s recent engagement that will bring their considerable industry expertise to our state’s innovation ecosystem.”

This article by Peter Bothum was originally posted by the University of Delaware at: https://www.udel.edu/udaily/2023/june/science-research-technology/

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JPMorgan Chase Invests in DE Sites, Jobs

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JPMorgan Chase retrofitting Delaware space, looking to fill over 700 jobs

JPMorgan Chase & Co. announced plans Monday to renovate 33 floors of office space, build a new parking garage for Wilmington employees and fill 725 roles in Delaware.

The groundbreaking ceremony, attended by U.S. Sen. Tom Carper, U.S. Rep. Lisa Blunt Rochester, Wilmington Mayor Mike Purzycki and several senior Chase executives, reconfirmed the New York bank’s commitment to the First State that will include a massive modernization effort across its corporate campuses in Wilmington and Newark. JPMorgan (NYSE: JPM) said this will be its largest U.S. real estate and active renovation investment, behind only the ongoing development of its new Manhattan corporate headquarters at 270 Park Ave.

JPMorgan has five office locations in Delaware — three in Wilmington and two in Newark — with the bank owning four of them. The nation’s largest bank has over 11,000 Delaware employees, second only to ChristianaCare among private employers in the state.

Delaware is the headquarters for the bank’s credit card business and also houses a variety of back office operations and customer facing operations, including a fast-growing retail presence that began in 2019 as Chase launched a plan to add 50 branches in the Philadelphia region within five years.

Chase also has about 2,800 employees at a technology center opened in 2016 at 880 Powder Mill Road in Wilmington. Of the 725 job openings, Chase said about 200 will be technology roles at a time when giants such as Google and Microsoft are laying off tens of thousands of employees.

“The message we’re trying to say is that some organizations may be trimming their sails on the tech side where we are looking for talent here and all levels of talent,” said Don Mell, Chase’s market executive and Delaware site lead.

The 725 jobs are largely open positions and not new roles, Mell said. Many of the openings were created by employees relocating to other markets across the U.S and the world, he said. Some are new roles and some openings are due to attrition.

As for the renovation project, Mell said Chase is building a 700-space parking deck at its Wilmington Corporate Center at 201 N. Walnut St. as more employees return to work post-pandemic. The bank said that will allow it to bring all remote parking onto the campus to make it more convenient for employees. A spokesman said most Chase employees are asked to work from their office between three and four days a week.

“We are encouraging people to come back into the office,” Mell said. “We feel that that’s what really drives collaboration.”

Chase is also renovating 22 floors of office space on its Wilmington Corporate Center and another 11 floors at its Newark Corporate Center. Mell said the project would take several years to complete and focus on significant technology upgrades and enhancing space utilization for both buildings, which are about 40 years old. The enhanced space will be more flexible and include more designated space for collaboration.

Mell did not say exactly how much the project would cost, saying it was a “moving target” and a “substantial investment” in the multimillion-dollar range.

Chase said the garage will be its first project built using low-carbon materials/concrete and will save some 465 metric tons of embodied Carbon (CO2e) from being used during construction.

This article was originally posted on the Philadelphia Business journal website at: https://www.bizjournals.com/philadelphia/news/2023/01/30/jpmorgan-chase-looking-to-fill-over-700-jobs.html

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City National Bank chooses Delaware

City National Bank Growing in Delaware

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City National Bank Plans Major Newark Expansion

NEWARK – City National Bank, one of the largest West Coast banks that’s known as the “bank to the stars,” is planning a major expansion in Delaware.

The 35th largest bank in the country with more than $95 billion in assets, City National Bank has operated a trust office in the Linden Park office complex for several years. The company recently signed a lease for 30,000 square feet in the Buccini/Pollin Group-owned Iron Hill Corporate Center near Newark, according to Justin Rowley, a senior vice president of City National.

The new space will be home to a major workforce expansion for City National, growing its headcount by more than 475% in adding 253 new positions over the next few years, including operations managers, project managers, business analysts, operations specialists and other similar positions. That hiring is expected to begin in early 2023.

About 175 of those jobs will be lower, entry-level roles, but City National is preparing a $80,000 average starting salary at the office, which is about 10% higher than the state’s median household income.

The state’s public-private economic development organization, the Delaware Prosperity Partnership, has been working with City National since July on the project, and was reportedly considering other sites along the East Coast.

Geography played an important part to City National’s decision to come to Delaware, as it is equidistant to the bank’s hubs in New York and Washington, D.C., and close to the Philadelphia International Airport, which offers direct flights to Los Angeles.

Several of City National’s senior East Coast executives also work out of the current Pike Creek-area office, including Rowley, who is a Dewey Beach resident and a University of Delaware grad.

“We know the state very well. Many of the colleagues who work in our current state office have long-term and tenured experience with the state of Delaware. We know the talent and the university systems, and we know it can uniquely support our expanding growth,” Rowley told the CDF on Monday morning.

To support its expansion, the state’s job investment board, the Council on Development Finance, unanimously signed off Monday on a more than $3.53 million package of grants. That includes more than $2.75 million in a job performance grant to create the 253 jobs, $270,000 in a capital expenditure grant to support fit-out of its new offices and up to $500,000 for a workforce training grant.

The 68-year-old, Los Angeles-based bank is well-known for catering to Hollywood movie stars, helping to earn its moniker of “bank to the stars.” City National offers a full suite of personal, private and business banking, including wealth management, brokerage and leasing services, and software solutions. While supportive of customer needs, the Delaware workforce is not planned to be client-facing and focus on administrative and back-office needs, Rowley said.

Despite its roots in the City of Angels, the bank was acquired in 2015 by Royal Bank of Canada (RBC), the largest bank in Canada. Rowley said that while RBC is active in the management of City National, the American bank does have a large degree of autonomy in its work.

At Iron Hill Corporate Center, City National will be joining an office workforce that has seen a refresh in recent years, including the arrival of Discover’s workforce.

When asked about its decision to invest in a large office space as remote working has increased nationwide, Rowley said City National is actually seeing more of its colleagues desire a return to offices for at least a part of their work week.

“We are not finding that work-from-home is going to be a permanent fixture in the workplace and for the banking industry specifically; and we’re actually seeing a demand from people to have either an office presence or hybrid presence,” he explained. “It’s the reason why we’re looking to expand our physical presence and building a location that is new, fresh, enticing, and actually can build that collaborative work experience. So, we actually think that the expanded office presence … will help us with our recruitment.”

This article was originally posted on the Delaware Business Times website at: https://delawarebusinesstimes.com/news/city-national-expansion/

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global water tech company expands in Delaware

Global Water Tech Leader Expands in Delaware

Written on . Posted in Press Releases.

Global Water Technologies Leader Solenis Chooses Delaware for $40M Expansion

Growth in Wilmington Driven by Increasing Market Demand for Company’s Sustainability-focused Products and Expertise

WILMINGTON, Del. — Delaware-based global water technologies leader Solenis has chosen its hometown of Wilmington as the site for a $40 million research and development expansion.

In response to increasing market demand for its sustainability-focused products and expertise and with an eye toward long-term growth, Solenis will expand its R&D operations with a move to the 100,000-square-foot Building 713 at Chestnut Run Innovation and Science Park (CRISP). CRISP is a former DuPont campus that MRA Group is developing into a hub for a range of life sciences and advanced chemical companies.

Solenis is a global leader in supplying innovative specialty chemicals and services for process, functional, and water treatment applications to consumer and industrial markets.

The new CRISP facility will provide Solenis with 20,000 square feet more lab space than the company currently has at its existing R&D center on Ashland’s Wilmington campus. In addition to more space, the larger, upgraded site will allow Solenis to add up to 46 new highly skilled Delaware jobs — including lab technicians, scientists and R&D supervisors — within the next three years.

“Solenis chose to build their global water technologies in Wilmington. This week’s announcement shows their continued commitment to our state and workforce,” said Governor John Carney. “Solenis will expand its research and development operations to a 100,000-square-foot building. Thank you to Solenis for continuing to strengthen Delaware’s workforce and science and technology sector.”

Solenis is a vital part of Delaware’s science and technology sector and is a significant Delaware employer. Choosing to invest in a new facility in Wilmington will provide Solenis with the opportunity to grow its R&D team to support projected growth while solidifying its commitment to Delaware.

Originally spun off from Ashland and headquartered at Wilmington’s Avenue North since 2020, Solenis has 48 manufacturing facilities and more than 6,400 employees around the world to serve an array of industries in 120 countries. Solenis currently employs more than 300 in Delaware, with approximately 185 employees at the Avenue North headquarters and 140 employees at its Ashland R&D site. Both are located in Northern Delaware’s New Castle County.

“What the MRA Group has done for the CRISP campus is transformative for our County,” said New Castle County Executive Matt Meyer. “The redeveloped campus gives our existing Delaware companies that are expanding a home to grow and thrive. New Castle County is proud to continue to be the home of Solenis, which provides great jobs in our community producing innovative and sustainable solutions for everyday life.”

Solenis officials presented an application to Delaware’s Council on Development Finance (CDF) for a Jobs Performance Grant of $552,000 and a Delaware Lab Space Grant of $3.5 million from the Delaware Strategic Fund to support the company’s investment of $40 million. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved the Solenis team’s request for up to $4.052 million in total grant funding.

“Solenis has deep roots in Delaware, so we are pleased to announce our continued commitment to growing in the state at CRISP,” said John Panichella, CEO, Solenis. “This investment of moving our Wilmington research center to a contemporary new location, in combination with our recently opened headquarters at Avenue North, allows us to continue to attract, retain and recruit the highest caliber of employees.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Solenis

Solenis is a leading global producer of specialty chemicals focused on delivering sustainable solutions for water-intensive industries, including the pulp, packaging paper and board, tissue and towel, oil and gas, petroleum refining, chemical processing, mining, biorefining, power, municipal, and pool and spa markets. Owned by Platinum Equity, the company’s product portfolio includes a broad array of water treatment chemistries, process aids and functional additives, as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets, minimize environmental impact and maintain healthy water. Headquartered in Wilmington, Delaware, the company has 48 manufacturing facilities strategically located around the globe and employs a team of over 6,400 professionals in 120 countries across five continents. Solenis is a 2022 US Best Managed Company. For additional information about Solenis, please visit www.solenis.com or follow us on social media.

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biopharma company uvax bio expands in Delaware

Biopharma Company Uvax Bio Chooses Delaware

Written on . Posted in Press Releases.

Early-Stage Biopharma Company Uvax Bio Chooses Delaware for $8M Investment in Next Level of Growth

Expansion of vaccine research, development and commercialization operations bringing 63 new jobs to Newark over next three years

WILMINGTON, Del. – Uvax Bio LLC, an early-stage biopharmaceutical company with cutting-edge vaccine platform technology that has produced both COVID-19 and HIV-1 vaccine candidates, has chosen to grow in Newark, Delaware, where it has been headquartered since forming in 2018.

As part of its expansion, Uvax Bio plans to add 63 employees to its current five-member team. Positions will range from research associates to executive-level research directors with minimum salaries ranging from $45,000 to more than $130,000.

“Uvax Bio LLC is an innovative company in the science and technology sector, specializing in vaccine platform technology. Today’s announcement to grow in Newark shows their continued commitment to our state and workforce,” said Governor John Carney. “Uvax Bio plans to increase their employees tenfold with this expansion. Thank you to Uvax Bio for their commitment to Delaware’s rapidly growing life sciences sector.”

To accommodate its next level of growth, the company has relocated to 100 Biddle Avenue in Springside Plaza off Route 40. Plans there include renovating the site’s existing wet lab and office space into a facility ideal for achieving the company’s goal of developing vaccines that support public health and improve life.

Uvax Bio is an innovative part of Delaware’s rapidly growing life sciences sector. The company maintains vital partnerships with Newark-based, internationally known industry players such as the National Institute for Innovation in Manufacturing Biopharmaceuticals and the University of Delaware.

“New Castle County is proud to be home of another life sciences company that is providing life-changing vaccines for the world,” said New Castle County Executive Matt Meyer. “Uvax is a great example of when science and innovation merge into solutions that will save lives.”

Uvax Bio was formed to develop and commercialize next-generation vaccines to address infectious diseases that threaten global health. Uvax Bio holds an exclusive license agreement with California-based nonprofit biomedical research facility Scripps Research that covers 11 patented and proprietary 1c-SApNP® vaccines. The company’s platform technology is based on computational biology and rational design. These cutting-edge scientific tools were used to design the Uvax, an all-in-one, viruslike nanoparticle design and a one-for-all, simple manufacturing process invented by Uvax Bio co-founder and Chief Scientific Officer Jiang Zhu, Professor of Scripps Research.

The opportunity for Uvax Bio to take their two lead vaccine candidates for COVID-19 and HIV-1 into Phase 1 trials represents a major milestone for the company. While the company’s two lead candidates are entering human trials, Uvax plans to raise additional capital in order to advance other promising new vaccine candidates toward Phase 1 readiness.

During today’s meeting of Delaware’s Council on Development Finance, Uvax Bio officials presented an application for a Jobs Performance Grant of up to $1,061,955 and a Capital Expenditures Grant of up to $240,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Uvax Bio’s request for up to $1,301,955 in total grant funding.

“The team at Uvax Bio is passionate about our mission to design and deliver groundbreaking vaccines to address global threats from infectious disease,” said Ji Li, Ph.D., Uvax CEO. “We are very excited to build a team of talented scientific, business and administrative professionals right here in the Newark, Delaware, area!”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Uvax Bio

Founded in early 2018, Uvax Bio, a spinoff vaccine company from Scripps Research, employs proprietary 1c-SApNP® platform technology developed by Dr. Jiang Zhu of Scripps Research to develop and commercialize prophylactic vaccines for the most challenging infectious diseases. Uvax Bio’s mission is working to solve the world’s infectious disease threats by combining rational antigen design and protein engineering to create viruslike particle vaccines. Its vision is to become a global leader in the vaccine industry and offer vaccine solutions for unmet public health needs.

Kurt Foreman

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avelo airline new base in Delaware

Avelo to Open New East Coast Base in Delaware

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HELLO, AVELO! Avelo Airlines Announces New East Coast Base In Wilmington, Delaware

20 October, 2022  | Delaware River & Bay Authority

avelo airline opens Delaware base

Avelo debuts five Florida destinations from the Delaware Valley region Introductory one-way fares start at $49

WILMINGTON, Del. — Avelo Airlines announced today that it will open the airline’s fourth base at Wilmington Airport (ILG) next February. The new base will unlock a new era of affordable, convenient and reliable air service for the Delaware Valley, encompassing portions of four states, including Delaware, Southeastern Pennsylvania / Philadelphia, South Jersey and the northern Eastern Shore of Maryland.  

Avelo will initially serve five popular nonstop Florida destinations from its new east coast base in Delaware at ILG: Fort Lauderdale, Fort Myers, Orlando, Tampa and West Palm Beach. Very low introductory one-way fares starting at $49* are available at AveloAir.com. 

Avelo Airlines Founder, Chairman and CEO Andrew Levy said, “The Delaware Valley region wants and deserves more affordable, convenient and reliable air travel. Avelo was founded with a simple purpose – to Inspire Travel. Our very low fares and nonstop flights to five sun-soaked Florida destinations coupled with the fast and seamless experience at Wilmington Airport will make traveling easier than ever. We appreciate the warm reception and support Avelo is receiving from Delaware Governor John Carney, New Castle County Executive Matt Meyer and so many other government and business leaders here. We look forward to welcoming everyone aboard Avelo’s first ILG flight in February.”

Delaware Governor John Carney said, “We’ve made significant infrastructure investments across our state, and we’re pleased to have Avelo join us here in Delaware. Avelo will provide Delawareans and visitors a convenient way to travel. Thank you to Avelo for choosing Delaware.”

New Castle County Executive Matt Meyer said, “Wilmington Airport has tremendous potential to be an economic driver in our County. We welcome Avelo to our community to provide reliable and fast service to our residents and look forward to further growth opportunities.”

Delaware River & Bay Authority Executive Director Thomas J. Cook said, “Wilmington Airport’s excellent location along the busy I-95 corridor, along with the lowest cost operating environment of any airport in the United States, offer customers the opportunity to forego the stress, expense and hassles of a big city airport. Avelo Airlines also recognizes the benefits that Wilmington Airport offers and is looking to be part of our community. It’s a great day for Delaware and more importantly, for travelers who are looking for affordable, convenient commercial air service options.”

Five Fun-in-the-Sun Nonstop Florida Destinations from New East Coast Base in Delaware

Beginning February 1, 2023, Avelo will serve five nonstop Florida destinations from ILG: 

Fort Lauderdale (FLL): A South Florida Haven

The reasons to visit Fort Lauderdale are as abundant as the sun and palm trees. There are over 300 sunny days a year, which gives visitors plenty of opportunities to enjoy nature, boating, diverse neighborhoods, events, attractions and unique “only-here” specialness that helps define Fort Lauderdale. With 24 miles of golden sandy beaches paired with waterfront dining and shopping, it’s easy to spend a day at the beach. With comfortable year-round temperatures, the Atlantic Ocean is always inviting to scuba divers, snorkelers, stand-up paddle boarders and jet skiers. The destination also boasts luxury hotels, museums, nightlife, shopping, casinos and family-friendly fun.

Fort Myers (RSW): Immerse Yourself in the Beauty of Florida’s Southwest Gulf Coast

Nestled along Southwest Florida’s clear turquoise Gulf Coast waters is the town of Fort Myers. Good days come naturally here with Fort Myers’ secluded white sand beaches and relaxing waterfront resorts that nurture a sense of casual sophistication. Visitors can sway from shopping Fort Myers’ charming boutiques, to indulging in world-class dining, to enjoying a barefoot sunset stroll on the beach. It’s been well over a century since Thomas Edison settled in “The City of Palms” — yet the community still generates an exciting energy that attracts visitors from around the world. Fort Myers promises endless ways to enjoy a romantic getaway or an activity-packed fun-in-the-sun family retreat.  

Orlando (MCO): The Theme Park Capital of the World

Endless excitement and unforgettable adventures are just minutes away for Avelo Customers arriving at Orlando’s most convenient airport – Orlando International Airport. Whether it’s a trip for families, couples, single travelers or a group of friends, Orlando is the perfect destination that ensures a memorable vacation filled with unique experiences for every visitor. While Orlando is known as the Theme Park Capital of the World for its incredible parks and attractions, there’s so much more to enjoy. The destination is also home to sizzling nightlife and a vibrant entertainment scene, craft breweries, wineries, professional sports teams and so much more. 

Tampa (TPA): The Heart of Florida’s Gulf Coast

When it comes to Tampa Bay, picturesque scenery and year-round sunshine create an ideal setting for those ready to explore and discover new treasures. With some of the world’s top-rated beaches, Tampa is a year-round haven for outdoor enthusiasts. Visitors can discover blue skies and sunshine, a sparkling waterfront, world-class chefs, family fun and a century of Cuban culture – all in one of Florida’s most diverse travel destinations.

West Palm Beach (PBI): White Sand, Turquoise Water and So Much More

The Palm Beaches are home to legendary coastline, shopping and entertainment. The area’s iconic restaurants, glitzy nightlife and unapologetically luxurious resorts attract sunseekers from across the globe. Lined with stately palm trees, this South Florida paradise is a vacationer’s nirvana. With miles of world-famous white sand beaches and turquoise water, there is a spot on this majestic Atlantic coastline for every mood and interest.

Avelo ILG Flight Schedule

Orlando (MCO)
Special Inaugural Flight Wednesday, February 1, 2023
Effective February 3, 2023 – Mondays, Fridays and Saturdays

Fort Lauderdale (FLL)
Effective February 2, 2023 – Thursdays and Sundays

Tampa (TPA)
Effective February 2, 2023 – Thursdays and Sundays

Fort Myers (RSW)
Effective February 3, 2023 – Mondays and Fridays 

West Palm Beach (PBI)
Effective February 4, 2023 – Wednesday and Saturdays

ILG — The Delaware Valley’s Ultra-Convenient Airport

Wilmington Airport offers a refreshingly smooth, simple and friendly alternative hometown airport experience. ILG’s adjacency to multiple major highways make it the Delaware Valley’s most convenient and travel-friendly airport.

Avelo will initially base one Boeing Next-Generation (NG) 737 at ILG. Avelo currently operates 11 737 NG aircraft. The airline expects to have 14 737s by the end of 2022 and 16 aircraft operating across its nationwide network by the end of next March. 

Over time, Avelo expects to serve hundreds of thousands of Customers at ILG. To support its ILG base, the airline will initially create at least 35 jobs. These positions will include a combination of Avelo Crewmembers and jobs with Avelo business partners operating at ILG. Roles will include Airport Customer Service, Flight Attendants, Pilots, Aircraft Technical Operations and Maintenance, and Supervisors. Candidates can learn more about Avelo career opportunities by visiting AveloAir.com/Careers. 

As a new airline, Avelo is an excellent opportunity for individuals at all stages of their career to join a successful and fast-growing company. Avelo offers competitive compensation, comprehensive healthcare coverage, a company-matching 401K retirement program and free space available air travel on Avelo, among many other benefits. Additionally, Avelo Crewmembers have access to Avelo University, which offers job-readiness training and ongoing career development courses. Grounded in the airline’s One Crew Value, Avelo offers an inclusive, collaborative and caring culture.  

ILG will be Avelo’s fourth base. The airline currently operates bases at Los Angeles’ Hollywood Burbank Airport (BUR), Southern Connecticut’s Tweed-New Haven Airport (HVN) and Orlando International Airport (MCO). Avelo has postponed previously announced plans to open a base at Fort Myers’ Southwest Florida International Airport (RSW) due to a significant reduction in travel demand resulting from Hurricane Ian. However, Avelo continues to operate flights between RSW and HVN and will begin operating flights between RSW and ILG in February. 

America’s Affordable and Convenient Airline

Avelo was founded with a vision to help its Customers save money and time. Since taking flight on April 28, 2021, Avelo has flown more than 1.2 million Customers on over 10,000 flights.

In addition to offering Customers everyday low fares on every route, Avelo Customers can always change or cancel their itineraries with no extra fees. Avelo also offers several unbundled travel-enhancing options that give Customers the flexibility to pay for what they value, including priority boarding, checked bags, carry-on overhead bags, and bringing a pet in the cabin.

Additionally, the American-made Boeing 737 jets Avelo flies offer a more spacious and comfortable experience than the small regional aircraft currently operating at most of the airports Avelo serves. Customers who value an advance seat assignment can choose from several modestly priced seating options, including seats with extra legroom, as well as pre-reserved window and aisle seating. One-third of seats on Avelo aircraft are available for Customers who appreciate the comfort of extra legroom. 

With the addition of ILG, Avelo serves 32 destinations across the U.S. The airline has brought more convenience, choice and competition in air travel by flying unserved routes to primarily underserved communities across the country. At least one airport on every Avelo flight is a small hometown airport – making every Avelo journey easier and more enjoyable. 

At Avelo, every flight is also nonstop. This connection-free travel experience not only provides Avelo Customers with a faster and simpler travel experience but also minimizes delays, cancellations and lost bags. In fact, Avelo has established itself as one of America’s most reliable airlines with a year-to-date flight cancellation rate of 1% and an industry-leading year-to-date checked bag handling performance of 1.9 mishandled bags per 1,000 checked bags. 

Avelo is distinguished by its Soul of Service culture. The culture is grounded in Avelo’s One Crew Value which promotes a welcoming and caring experience. By caring for one another and owning their commitments, Avelo Crewmembers focus on anticipating and understanding Customer needs on the ground and in the air.

About Avelo Airlines

Avelo Airlines was founded with a simple purpose — to Inspire Travel. The airline offers Customers time and money-saving convenience, low everyday fares, and a refreshingly smooth and caring experience through its Soul of Service culture. Operating a fleet of Boeing Next-Generation 737 aircraft, Avelo serves 32 popular destinations across the U.S., including its four bases at Los Angeles’ Hollywood Burbank Airport (BUR), Southern Connecticut’s Tweed-New Haven Airport (HVN), Orlando International Airport (MCO) and the Delaware Valley’s Wilmington Airport (ILG). For more information visit AveloAir.com or the Avelo Newsroom at AveloAir.com/Newsroom. 

About the Delaware River and Bay Authority

The DRBA, a bi-state governmental agency created by Compact in 1962, owns and operates the Delaware Memorial Bridge, the Cape May-Lewes Ferry, and the Forts Ferry Crossing. The DRBA also manages corporate and aviation properties through its economic development powers – two airports in New Jersey (Millville Airport and Cape May Airport) and three in Delaware (Wilmington Airport, Civil Air Terminal and Delaware Airpark). All DRBA operating revenues are generated through the bridge, ferry and airport facilities. For more information, visit www.drba.net.

This article was originally posted on the Delaware River & Bay Authority website at: https://www.drba.net/hello-avelo-avelo-airlines-announces-new-east-coast-base-wilmington-delaware

Kurt Foreman

PRESIDENT & CEO

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ally financial growing fair square financial credit business delaware

Ally Chooses To Grow Fair Square In Delaware

Written on . Posted in In the News.

Ally Plans Wilmington Credit Business Expansion

28 September 2022  | Delaware Business Times

ally financial growing fair square financial in Delaware

WILMINGTON, Del. – Fresh off of its acquisition of fintech startup Fair Square Financial, the auto lending giant Ally is now planning an expansion in Wilmington that will add up to 150 highly paid positions.

Founded six years ago by a handful of banking veterans from Bank of America, JPMorgan Chase, Capital One, Citigroup and elsewhere, Fair Square launched its sub- and near-prime credit card Ollo in 2017.

Led by CEO Rob Habgood, the startup quickly landed the support of notable investors, securing $300 million from investment firms. Supported by a $779,000 state taxpayer-backed Strategic Fund grant in 2017, Fair Square expanded its offices at the Brandywine Building in downtown Wilmington and hired additional staff to manage its data analytics, data mining, marketing and credit underwriting.

In December, Detroit-based Ally acquired Fair Square for $750 million and has since been considering how to further grow the business.

While Ally would have options to potentially move the credit operations – it has a number of offices spread across the country – the company has chosen to invest in an expansion of Fair Square in Wilmington. It will invest $520,000 to renovate 22,000 square feet of Brandywine Building offices and increase employment by up to 200% over the next few years. The average salary for the new positions would be $170,000 and include analysts, managers and directors, according to Habgood.

“Ally has the ability to significantly accelerate the growth of our credit card business to support this higher growth opportunity,” Habgood said. “We originally chose Wilmington to start a business because it provided access to a deep reservoir of credit card talent.”

In supporting that expansion, the state’s investment board, the Council on Development Finance, unanimously approved Monday a $20,000 capital grant and a $2.64 million job performance grant to create the new jobs over the next three years. Ally currently employs 75 people in Delaware and a handful more out of state.

While the council members questioned whether any of the roles could eventually be turned remote and moved out of state, state officials assured them that grant terms require the created roles to file Delaware income taxes. They also noted that Fair Square more than fulfilled the terms of its first grant.

Habgood explained that Fair Square employees are currently working a hybrid schedule after the pandemic, but in-person communication remains a valued part of their culture.

“Our goal is to get as many people as possible and we as a business have been successful because of the integrated nature of getting all people together and working through the problems,” he said.

Ollo – a name with no specific meaning but chosen for its easy-to-pronounce name – offers two different cards, one with no annual fee and one with unlimited cash back on purchases. It worked with Wilmington-based design firm Bounteous on the products, adding to its local commitment.

Like other near- or subprime credit lenders, Fair Square goes beyond traditional credit report metrics to identify good customers, including reviewing length of residencies, long-term credit history and other data to determine if they would reliably repay debts. To date, Fair Square has about 1 million customers holding loans worth about $1 billion.

In 2020, it successfully securitized $300 million in credit card debts, with favorable ratings from credit rating agencies, showing that its modeling had produced reliable clients.

This article was originally posted in the Delaware Business Times at: https://delawarebusinesstimes.com/news/ally-plans-wilmington-credit-business-expansion/

Kurt Foreman

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