QINGDAO, China--(CRWENewswire)--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 Graces 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 Noblestars assets in Qingdao is another milestone in Graces 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 Graces 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 worlds 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 Graces refining technologies business for years and we are excited to continue a business relationship with Grace in the future.
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 Peoples 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 companys three industry-leading business segmentsGrace Catalysts Technologies, Grace Materials Technologies and Grace Construction Productsprovide 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 at www.noblestar.com.cn.
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 Graces 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 Graces bankruptcy, propose plan of reorganization and settlements with certain creditors, the cost and availability of raw materials (including rare earth) and energy, developments affecting Graces 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 Graces 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 Graces 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
Source: W. R. Grace & Co.
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