By AP
DELHI TOWNSHIP, MI –
A Lansing-area chemical business plans to lay off most of its workers and leave the state after being sold to another company.
The Lansing State Journal reports that Michigan State University spinoff Draths Corp. also will close its facility in Ingham County's Delhi Township. CEO Dex Brown said Monday that details are expected to be made public later.
The name of the buyer wasn't immediately released.
Draths, which has about 40 employees, uses renewable resources such as cornstalks or wood waste to develop chemicals used to manufacture plastics.
Michigan State University professors John Frost and Karen Draths founded the company in Okemos in 2005, then moved the headquarters to Minnesota in 2007. It returned to Okemos in 2009 and moved to its current Delhi Township location in September.