INSTITUTE, W.Va. — Property owned by Dow Chemical in Institute has been sold to Houston, Texas-based Altivia.
The Kanawha County Commission announced the sale of 460 acres Tuesday.
The commission said the sale will allow for the nine companies, currently at the site, to stay, including US Methanol which has recently created 31 jobs in the Institute area.
There are 230 acres are currently available for development, according to the commission. It said it hopes Altivia will develop the land.
Commission President Kent Carper said in a released statement, “DOW has been a good steward to the community, and while we are disappointed, they are no longer going to own the Institute site, we are excited that Altivia has chosen to make Kanawha County its home. This could be a great opportunity for Economic Development for Kanawha County and we look forward to working with Altivia on future projects.”
The Texas-based company said it will keep the 61 employees currently employed through DOW in Institute.
Altivia is a privately held company located in Houston. It was founded in 1986 as a water treatment chemical producer. Petrochemicals, Specialty Chemicals and Inorganic Water Treatment Chemicals are the three business segments covered by Altivia.
“Acquiring this facility and associated technology provides downstream expansion for ALTIVIA’s acetone production capacity and access to global markets, for acetone derivatives,” said ALTIVIA’s Chief Executive Officer J. Michael Jusbasche in a released statement. “Additionally, the Institute Industrial Park’s excess capacity of utilities and services provide options to install additional chemical production for a fraction of the cost of alternatives.”