Grace Completes the Acquisition of Assets of Noblestar Catalysts
QINGDAO, China -- November 29, 2012
W. R. Grace & Co. (NYSE: GRA) announced today that it has completed its
acquisition of the assets of Noblestar Catalysts Co., Ltd, a Qingdao,
China-based manufacturer of fluid catalytic cracking (FCC) catalysts, catalyst
intermediates and related products used in the petroleum refining industry.
Grace is the worldwide leader in FCC catalysts.
Qingdao Bureau of Commerce Vice Director General, Cong Yan, welcomed Grace’s
investment during the ribbon cutting ceremony and said, “Qingdao is a leading
economic center in China. We welcome foreign investment, especially from
companies like Grace, which has world-class, leading technologies that can
help develop our fast-growing petrochemical industry while also acknowledging
environmental and safety concerns.”
“The successful acquisition of Noblestar’s assets in Qingdao is another
milestone in Grace’s long relationship with China. And it is an important step
in our strategy to provide world-class products and support to the petroleum
refining industry,” said Grace’s Chairman and CEO Fred Festa. “Our goal is for
customers to look to Grace for innovative technology and industry-leading
technical service, as well as a globally integrated manufacturing network that
aligns with the world’s demand.” Grace expects to make additional investments
at the Qingdao site for environmental, safety and manufacturing upgrades.
Chao Cui, CEO and President of Noblestar Catalysts, said, “We have been happy
and proud to be a business partner of Grace’s refining technologies business
for years and we are excited to continue a business relationship with Grace in
Grace first established a presence in China when it founded Grace China Ltd.
in 1986 as the first Wholly Foreign-Owned Company to do business in the
People’s Republic of China -- through its can sealants plant in Shanghai.
Currently, Grace operates 5 manufacturing facilities, 3 sales offices and 2
technical service centers in mainland China, including its Asia Pacific
regional headquarters in Shanghai.
Grace is a leading global supplier of catalysts; engineered and packaging
materials; and, specialty construction chemicals and building materials. The
company’s three industry-leading business segments—Grace Catalysts
Technologies, Grace Materials Technologies and Grace Construction
Products—provide innovative products, technologies and services that enhance
the quality of life. Grace employs approximately 6,000 people in over 40
countries and had 2011 net sales of $3.2 billion. More information about Grace
is available at www.grace.com.
Noblestar, located in Qingdao, China, has been specialized in the
manufacturing of FCC catalysts and additives for petrochemicals since 2001.
Noblestar has been involved in the rare earth business from 2010. Noblestar
employs 150 people, consisting of experienced R&D and engineering
professionals and a team of skilled workers. It had sales of 680 million RMB
(appx. 108 million USD) in 2011. More information about Noblestar is available
This announcement contains forward-looking statements, that is, information
related to future, not past, events. Such statements generally include the
words “believes,” “plans,” “intends,” “targets,” “will,” “expects,”
“suggests,” “anticipates,” “outlook,” “continues” or similar expressions.
Forward-looking statements include, without limitation, all statements
regarding Grace’s Chapter 11 case; expected financial positions; results of
operations; cash flows; financing plans; business strategy; budgets; capital
and other expenditures; competitive positions; growth opportunities for
existing products; benefits from new technology and cost reduction
initiatives, plans and objectives; and markets for securities. For these
statements, Grace claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995.
Like other businesses, Grace is subject to risks and uncertainties that could
cause its actual results to differ materially from its projections or that
could cause other forward-looking statements to prove incorrect. Factors that
could cause actual results to materially differ from those contained in the
forward-looking statements include, without limitation: developments affecting
Grace’s bankruptcy, propose plan of reorganization and settlements with
certain creditors, the cost and availability of raw materials (including rare
earth) and energy, developments affecting Grace’s underfunded and unfunded
pension obligations, risks related to foreign operations, especially in
emerging region, acquisitions and divestitures of assets and gains and losses
from dispositions or impairments, the effectiveness of its research and
development and growth investments, its legal and environmental proceedings,
costs of compliance with environmental regulation and those factors set forth
in Grace’s most recent Annual Report on Form 10-K, quarterly report on Form
10-Q and current reports on Form 8-K, which have been filed with the
Securities and Exchange Commission and are readily available on the Internet
at www.sec.gov. Reported results should not be considered as an indication of
future performance. Readers are cautioned not to place undue reliance on
Grace’s projections and forward-looking statements, which speak only as the
date thereof. Grace undertakes no obligation to publicly release any revision
to the projections and forward-looking statements contained in this
announcement, or to update them to reflect events or circumstances occurring
after the date of this announcement.
W. R. Grace & Co.
Greg Euston, +1 404-775-0285
Mark Sutherland, +1 410-531-4590
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