In 1979, Professor Arthur E. Martell, Head of the Chemistry Department at the time, brought together a small group of industrial supporters of the chemistry program at Texas A&M to form a cooperative effort with the department. Professor Minoru Tsutsui, a prominent organometallic chemist with strong ties to the chemical industry was designated to be the first Director in 1980 by the Department Head, C.S. Giam. However, he died before he could assume the duties, and Professor Abraham Clearfield was appointed to initiate the program. The aim was to strengthen industrial interactions of the Chemistry Department at A&M and, as a consequence, the chemical industry in Texas.

Chemical manufacturing in Texas has represented 20-30% of the State's economy over the past 25 years. The Industry members of the IUCCP provide committed funding, not subject to State of Texas limitations, to support the department in its drive toward excellence. In turn, the Department furnishes access to faculty and graduate students, and provides a forum with a State agency to strengthen the chemical industry in the State. Founding companies included Celanese, Shell, Dow, and Exxon. Directors of the program have included Clearfield who served from 1981-86, Emile Schweikert, 1987-93, and John P. Fackler, 1994-present.

Annual contributions from member companies have increased over the years from about $10,000 per member company to the present $20,000 annual contribution. In addition, strong financial support has been given to the research programs of several individual faculty. In 1999, the chemistry department reported a total of $811,848 in financial support from industry.