WR Grace on Thursday completed its acquisition of the assets
of Noblestar Catalysts, a Qingdao, China-based manufacturer of
fluid catalytic cracking (FCC) catalysts, catalyst
intermediates and related products used in the petroleum refining industry.
The agreement was first announced in late May.
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," said
Cong Yan, vice director general for the Qingdao Bureau of
Yan spoke at a ribbon-cutting ceremony for the deal.
The successful acquisition of Noblestars assets
in Qingdao is another milestone in Graces long
relationship with China," said Grace CEO Fred
"And it is an important step in our strategy to provide
world-class products and support to the petroleum refining industry. 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 worlds
Grace said it expects to make additional investments at
the Qingdao site for environmental, safety and manufacturing
We have been happy and proud to be a business partner
of Graces refining technologies business for
years and we are excited to continue a business relationship
with Grace in the future," said Chao Cui, CEO of Noblestar
Financial terms of the deal were not disclosed.
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 the country. Business was
done through the company's can sealants plant in
Grace currently operates five manufacturing facilities, three sales offices
and two technical service centers in mainland China,
including its Asia-Pacific regional headquarters in