W. R. Grace & Co. (NYSE: GRA) announced today that it has completed its acquisition of the assets of Noblestar Catalysts Co., Ltd, a Qingdao, China-based manufacturer of fluid catalytic cracking (FCC) catalysts, catalyst intermediates and related products used in the petroleum refining industry. Grace is the worldwide leader in FCC catalysts.
Qingdao Bureau of Commerce Vice Director General, Cong Yan, welcomed Grace’s investment during the ribbon cutting ceremony and said, “Qingdao is a leading economic center in China. We welcome foreign investment, especially from companies like Grace, which has world-class, leading technologies that can help develop our fast-growing petrochemical industry while also acknowledging environmental and safety concerns.”
“The successful acquisition of Noblestar’s assets in Qingdao is another milestone in Grace’s long relationship with China. And it is an important step in our strategy to provide world-class products and support to the petroleum refining industry,” said Grace’s Chairman and CEO Fred Festa. “Our goal is for customers to look to Grace for innovative technology and industry-leading technical service, as well as a globally integrated manufacturing network that aligns with the world’s demand.” Grace expects to make additional investments at the Qingdao site for environmental, safety and manufacturing upgrades.
Chao Cui, CEO and President of Noblestar Catalysts, said, “We have been happy and proud to be a business partner of Grace’s refining technologies business for years and we are excited to continue a business relationship with Grace in the future.”Grace first established a presence in China when it founded Grace China Ltd. in 1986 as the first Wholly Foreign-Owned Company to do business in the People’s Republic of China -- through its can sealants plant in Shanghai. Currently, Grace operates 5 manufacturing facilities, 3 sales offices and 2 technical service centers in mainland China, including its Asia Pacific regional headquarters in Shanghai.