CHARLESTON, W.Va. — Bayer CropScience has “divested” itself of the Institute chemical plant site by selling the facility back to Union Carbide, the site’s former owner and now a part of Dow Chemical Co., the companies said Monday.
In a prepared statement, Bayer said there will be a “phased turnover” of plant activities, including utilities, emergency response and security, with full operation of the site by Dow’s Union Carbide unit expected by mid-2016. The transaction includes transfer of the land, as well as the majority of the site assets, Bayer said.
Financial terms of the deal were not immediately disclosed.
Currently, Bayer operates one chemical production unit at the 450-acre site, and other companies — including Dow, Catalyst Refiners, Reagent Chemical and Praxair — operate separate units as tenants of Bayer. About 500 people work at the site, but only about 150 of those are employed directly by Bayer, said Bayer spokesman Greg Coffey.
Bayer’s current plant manager, Jim Covington, said that Bayer would “still have a presence” at Institute through the ongoing operation of its thiodicarb insecticide unit.
“We expect some decline in Bayer employment at Institute over time,” Covington said. “However, retirements and voluntary separations should account for essentially all departures…