Moving to 2 segments -- in moving from 2 segments to 3, we are actually simplifying our organization as well. We are moving to a more closely integrated operating structure, we call it, One Grace. The manufacturing, supply chains and functional support services are being consolidated. As a result, we've taken a restructuring charge this quarter of approximately $3 million as we eliminate some redundancies.
This restructuring will provide cost savings of just under $6 million this year and about $10 million in annual savings in 2013. These savings were anticipated in our 2012 outlook and the 2014 targets.
I am challenging our leaders to continue to find ways to move the business forward. We've had some good examples to share from the past quarter. We signed a memorandum of understanding to form a joint venture in Abu Dhabi to build a new catalyst and additives plant for Middle East and South Asian opportunities. We project growth of $150 million for the next 5 years from new refineries in the region. We established a partnership with Dow, which includes licensing to develop new polypropylene catalyst, which will enable producers to improve plastics performance including clarity, stiffness and impact strength.
We announced a successful clinical trial for novel use of silica for drug delivery. Innovation came out of our discovery sciences product group, a component of the Materials Technology segment. This development showcases how we apply our historical silica applications expertise to new and potentially large addressable markets. These are all exciting developments. We'll be hearing about more opportunities like these in the future as we continue to advance our business. I'd also like to update you on the bankruptcy.Read the rest of this transcript for free on seekingalpha.com
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