GRACE ACQUIRES NEW ADMIXTURE BUSINESS
Purchase of Neox Expands Grace's Presence in Japan
CAMBRIDGE, MA, August 1, 2000 -- Grace Construction Products announced that Grace Chemicals K.K., jointly owned with Denki Kagaku Kogyo K.K., has agreed to purchase the concrete and masonry admixture business of Neox Ltd., Tokyo, Japan. With this acquisition, Grace Construction Products, a business unit of W. R. Grace & Co. (NYSE: GRA), is reinforcing its commitment to the admixture business in Japan.
"This additional investment underscores our commitment to business in the Asia Pacific region", said Robert J. Bettacchi, Senior Vice President, W. R. Grace & Co. "Japan is one of the largest concrete admixture markets in the world second only to that of the USA and highest in admixture usage per cubic meter of concrete globally."
"With this purchase, Grace becomes a leading supplier of additives to the growing masonry industry in Japan. This acquisition provides us with the platform we need to accelerate our growth in this market," said Jeremy Gray, General Manager of the Masonry Products Group.
The addition of the Neox business expands the available market for Grace. It is another example of an acquisition with excellent growth prospects. In 1999, Grace increased its equity in its joint venture Denka Grace and changed its name to Grace Chemicals K.K to reflect the change in majority ownership. The company opened a new Asia Pacific Cement and Concrete Technical Center in Singapore in 1998.
Headquartered in Cambridge, Massachusetts, Grace Construction Products, a business unit of W. R. Grace & Co., is a leading manufacturer worldwide of concrete admixtures, cement processing additives, masonry, fire protection and waterproofing products with more than 125 plants and sales offices around the world.
W. R. Grace & Co. is a leading global supplier of catalysts and silica products, specialty construction chemicals and building materials, and container protection products. With annual sales of approximately $1.5 billion, Grace has over 6,000 employees and operations in nearly 40 countries.