W R Grace purchase Chinese FCC catalyst manufacturer

W R Grace to purchase Chinese FCC catalyst manufacturer

6:17 AM, 4th June 2012
W R Grace to purchase Chinese FCC catalyst manufacturer

COLUMBIA, US: W R Grace & Co will acquire assets of Noblestar Catalysts Co Ltd, manufacturer of fluid catalytic cracking (FCC) catalysts, catalyst intermediates and related products used in the petroleum refining industry. Noblestar is located in Qingdao, China. To complete the purchase, Grace established a new wholly foreign-owned enterprise (WFOE) in China. The transaction is subject to satisfaction of all closing conditions.

“This acquisition provides Grace with immediate, local manufacturing capacity to better serve refining customers within China and North Asia. Investing in China is part of our overall refining technologies global strategy, which includes creating an integrated manufacturing network to align FCC capacity with demand growth,” said Shawn Abrams, President of Grace Catalysts Technologies. Grace expects to make additional investments at Qingdao site for environmental, safety and manufacturing upgrades.

“This deal is a strategic disposition and repositioning of Noblestar. With this, Noblestar will be able to focus its business on rare earth products,” said Chao Cui, CEO and President, Noblestar Catalysts.

© WOC News



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