New phase in Grace ties with China
Print Edition
A relationship that began more than a century ago continues to grow and evolve. Today W. R. Grace & Co. has a strong manufacturing and employment presence on China’s mainland and throughout the region.
J. Peter Grace, the company’s president (1945-1992) and father of modern Grace, established ties with the Chinese people and their leadership.
In 1986, Grace China Ltd became one of the first wholly foreign-owned enterprises licensed to operate in China. Grace now operates six manufacturing facilities here, creating products for its three industry-leading business segments — catalysts technologies, materials technologies, and construction products.
It also maintains three sales offices and two technical service centers, including the company’s Asia Pacific regional headquarters in Shanghai.
Grace’s strong commitment to China will continue, even after its planned separation into two independent publicly traded companies in the first quarter of 2016. The separation is intended to allow the two companies to benefit from improved strategic focus, simplified operating structures and more efficient capital allocation.
W. R. Grace & Co. will operate with its catalysts technologies and materials technologies business segments, excluding Darex, the world’s leading can sealants and packaging operation. The other business will be comprised of the construction products business segment and Darex.
“We have a world-class team of talented people who have worked hard to transform Grace into a high-performing company. Those efforts allow us to take this next important step in our evolution,” said Fred Festa, Grace chairman and chief executive officer.
Wall Street analysts endorsed the strategy and investors responded with more than a 10 percent increase in the stock price since the announcement.
The move should benefit operations in China too, with more opportunities for growth and investment as the two companies strive to expand services.
Michael Piergrossi, president of Grace China, said, “Grace’s diverse product portfolio helps make Chinese construction safe and strong, its food products fresher and better tasting, its pharmaceuticals of better quality, its refined fuels cleaner and more efficient, and its plastic products of a greater selection to consumers.”
Grace also takes its responsibility of being a good corporate citizen seriously. In China, community efforts historically have focused on supporting education — from elementary schools through universities.
Grace also has made significant contributions to causes from earthquake relief to safety and health.
Built on mutual respect and commitment, the relationship between Grace and China is one that continues to hold great promise into the future.
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