W. R. Grace & Co. has signed an agreement with the Qingdao Bureau of Commerce for an investment in China to manufacture fluid catalytic cracking (FCC) catalysts and other related products for the refining industry, the company said on Tuesday.
In order to complete the investments, Grace has established a wholly foreign-owned enterprise (WFOE) in Qingdao, it said.
This is an important step towards expanding Graces FCC catalyst manufacturing capabilities to serve our customers in China and other countries in the fast-growing Asia Pacific region, said Shawn Abrams, president of Grace Catalysts Technologies.
We look forward to successful cooperation with the government of Qingdao.
Grace founded Grace China Ltd. in 1986 as the first WFOE to do business in 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.
Construction dates and financial terms of the investment were not disclosed.