GRACE INCREASES EQUITY POSITION IN JAPANESE JOINT VENTURE
CAMBRIDGE, MA, February 11, 1999 Grace Construction Products, a business unit of W.R. Grace & Co., today announced that it has increased its equity in its joint venture Denka Grace. With this investment, Grace Construction Products is reinforcing its commitment to the Concrete Products business in Japan and strengthening its relationship with its joint venture partner, Denki Kagaku Kogyo Kabushiki Kaisha. The joint venture was formed to leverage the Grace Construction Products and Denka product line of performance based admixtures for cement and concrete with Denka's distribution channels within Japan.
The name of the joint venture, Denka Grace, will be changed to Grace Chemicals K.K. to reflect the change in majority ownership. Gregory E. Poling, Vice President and General Manager of Grace Construction Products' Concrete Products, cement processing additives and masonry products business has been named President of Grace Chemicals K.K.
"This additional investment underscores our commitment to business in the Asia Pacific region and our global strategy of partnering with major players around the world," said Poling. "Japan is one of the largest admixture markets in the world second only to that of the USA and highest in admixture usage per cubic yard of concrete globally. Denka is a key player for specialty value added products for cement and concrete within Japan.
Our recent opening of the new Asia Pacific Cement and Concrete Technical Center in Singapore, along with this new investment, bring us closer to our worldwide mission to become the number one global supplier of innovative products, technology and quality service to concrete and cement producers, as well as superior value to specifiers and owners."
New growth strategies for Grace Chemicals K.K. will include introducing new technologies that protect and strengthen structures, and bringing to market new product developments in the areas of superplasticizers, corrosion inhibitors, and cement additives. The company is planning to continue to add new products throughout 1999 including a line of masonry additive chemicals.
Headquartered in Cambridge, Massachusetts, Grace Construction Products, a business unit of W.R. Grace & Co., is a leading manufacturer worldwide of Concrete Products, cement processing additives, masonry, fire protection and waterproofing products with more than 125 plants and sales offices around the world.