(BUSINESS WIRE)-- W. R. Grace & Co. (NYSE: GRA) today announced that it has signed a Memorandum of Understanding to form a joint venture with Al Dahra Agricultural Company to build and operate a fluid catalytic cracking (FCC) catalysts and additives plant in the Middle East. The joint venture is subject to the execution of definitive agreements and receipt of regulatory approvals.
The joint venture production plant would be located in Abu Dhabi, United Arab Emirates and used to supply oil refiners in the high growth Middle East and South Asia markets. There are expected to be 16 FCC units built in these regions in the next five years, which would increase the catalyst opportunity in the region by approximately $150 million.
The plant in Abu Dhabi would be the first FCC catalysts and additives plant in the region, and is an important step for Grace to reinforce the reliable and timely distribution of FCC catalysts and additives to refineries in the region.
Grace, the world’s largest manufacturer of FCC catalysts and additives, expects that the growth in the region will be more than adequate for the capacity of the new plant by the time it is anticipated to come onstream in late 2015.
Shawn A. Abrams, President, Grace Catalysts Technologies, commented, “This joint venture will leverage our strengths in the FCC segment with the strong local relationships of Al Dahra and their expertise in logistics and infrastructure support. This investment will allow us to capture growth in the Middle East and Asia and optimize our capacity in other regions.”
H.E. Khadim Al Darei, Vice Chairman & MD, Al Dahra, commented, “Al Dahra is very pleased to partner with a leading technology supplier to the oil industry, bringing know how and expertise to the Emirates. This joint venture represents another milestone in the company’s strategy to diversify its service offering and reinforces the commitment of its leadership to ensure sustainable national economic growth.”
About Grace
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.
Grace Catalysts Technologies is the global leader for FCC catalysts and additives, offering solutions-oriented approaches backed by a broad, highly differentiated portfolio and industry-leading technical service. Grace’s research leadership and flexible manufacturing system support value-added technology tailored to meet customers’ current and future needs.
About Al Dahra
Al Dahra is a leading company specializing in agriculture and animal production. With global operations, farms and production facilities in the Americas, Europe, Asia and Africa, it is considered as the premier supporter of the stable supply of high quality forage, fresh produce, dairy products and commodities to the local and regional market. Its unique value proposition coupled with specialization in logistics and supply chain further enhances its distinguished market position. For more information, visit Al Dahra’s website at www.aldahra.com.
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, proposed 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 regions, 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 of 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
Contacts
W. R. Grace & Co.
Media Relations
Greg Euston, +1 404-775-0285
greg@mcgraweuston.com
Investor Relations
Mark Sutherland, +1 410-531-4590
mark.sutherland@grace.com
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