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COLUMBIA, MD, June 1, 2021 (GLOBE NEWSWIRE) – WR Grace & Co. (NYSE: GRA) today announced the completion of its acquisition of the Fine Chemistry Services (“FCS”) business of Albemarle Corporation (NYSE) : ALB)) for approximately $ 570 million, of which $ 300 million was paid in cash and $ 270 million funded by the issuance to Albemarle of non-participating preferred shares of a newly formed Grace subsidiary.
“This investment represents an important step in Grace’s growth strategy. FCS brings compelling innovation and manufacturing capabilities to our materials technology business, enabling us to better serve our customers with high-value solutions that span all stages of their development cycle, ”said Hudson La Force, President and CEO of Grace. “We are delighted to welcome the FCS team to Grace and look forward to leveraging their deep expertise to strengthen and expand our rapidly growing pharmaceutical portfolio.
“FCS builds on the strengths of our materials technology portfolio by expanding our expertise and offerings and further deepens our position in high growth pharmaceutical markets such as oncology, diabetes, cardiovascular system and antivirals. The talented and committed team shares our values and our vision to be indispensable to our customers. Our customers will be excited about the benefits of the combined innovation and manufacturing capabilities, ”said Sandra Wisniewski, President of Grace Materials Technologies.
Pharma & Consumer is the largest, fastest growing and most profitable sub-segment of Grace’s Materials Technologies business. FCS adds a comprehensive portfolio of high-value products and services with highly complementary analytical, regulatory and manufacturing capabilities to Grace’s existing pharmaceutical portfolio, focused on chromatographic resins, drug formulation and delivery excipients, intermediates pharmaceuticals and active pharmaceutical ingredients.
About GraceBuilt on talent, technology and trust, Grace is one of the world’s leading specialty chemicals companies. The company’s two main business segments – Catalysts Technologies and Materials Technologies – provide innovative products, technologies and services that improve products and processes for our customers around the world. With approximately 4,300 employees, Grace operates and / or sells to customers in over 60 countries. More information about Grace is available at grace.com.
This announcement contains forward-looking statements, that is, information relating to future events and not past. These statements generally include the words “believes”, “plans”, “intends”, “targets”, “will”, “expects”, “suggests”, “anticipates”, “considers”, “continues” or similar expressions. Forward-looking statements include, without limitation, statements regarding: financial condition; results of operations; cash flow; financing plans; business strategy; operating plans; capital and other expenses; the impact of the COVID-19 pandemic on our activities; competitive positions; growth opportunities for existing products; benefits from new technology; the benefits of cost reduction initiatives; succession planning; securities markets; the anticipated timing of the proposed transaction between Grace and affiliates of Standard Industries Holdings Inc. and the potential benefits of the proposed transaction. For these statements, Grace claims the safe harbor protections for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Grace is subject to risks and uncertainties which could cause actual results or events to differ materially from its projections or which could cause other forward-looking statements to prove to be inaccurate. Factors that could cause actual results or events to differ materially from those contained in forward-looking statements include, but are not limited to: risks associated with doing business abroad, particularly in areas of active conflict and in emerging regions; the costs and availability of raw materials, energy and transport; the effectiveness of Grace’s investments in research and development and growth; acquisitions and divestments of assets and businesses; developments affecting Grace’s exceptional indebtedness; developments affecting Grace’s pension obligations; legacy issues (including product, environmental and other legacy responsibilities) related to Grace’s past business; its legal and environmental procedures; environmental compliance costs (including existing and potential climate change laws and regulations); the inability to establish or maintain certain business relationships; inability to hire or retain key personnel; natural disasters such as storms and floods; fires and force majeure events; the economics of its customers’ industries, including the petroleum refining, petrochemicals and plastics industries, and changing consumer preferences; public health and safety issues, including pandemics and quarantines; changes in tax laws and regulations; international trade disputes, tariffs and penalties; the potential effects of cyber attacks; the occurrence of any event, change or other circumstance which could give rise to the termination of the merger agreement between Grace and the affiliates of Standard Industries Holdings Inc .; failure to obtain approval from Grace’s shareholders for the transaction or failure to comply with any of the other conditions to the completion of the transaction; risks related to the financing necessary to complete the transaction; the effect of the transaction announcement on Grace’s ability to retain and hire key personnel and to maintain relationships with its customers, suppliers and others with whom it does business, or on its results of operations and its activities in general; risks associated with disruption of management’s attention to ongoing business activities as a result of the transaction; the ability to meet expectations regarding the timing and completion of the transaction; significant costs, fees, expenses and transaction charges; the risk of litigation and / or regulatory actions related to the transaction; other trade effects, including the effects of the state of health of industry, market, economy, politics, regulation or the world (including new or ongoing effects of the COVID-19 pandemic), and other factors detailed in Grace’s annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2020, as amended, and other documents filed by Grace with of the SEC, available at http://www.sec.gov and on Grace’s website at www.grace.com. The results published by Grace should not be taken as an indication of her future performance. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Grace assumes no obligation to publicly publish any revision of its forward-looking statements, or to update them to reflect events or circumstances occurring after the date on which such statements are made.
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Source: WR Grace & Co.