22-05-2012

Grace signs MoU for catalyst investment in Qingdao, China

W. R. Grace & Co announced today that it has signed a Memorandum of Understanding with the Qingdao Bureau of Commerce for an investment in China to manufacture fluid catalytic cracking (FCC) catalysts and other related products for the petroleum refining industry. In order to complete the investments, Grace has established a Wholly Foreign-Owned Enterprise (WFOE) in Qingdao.

"This is an important step towards expanding Grace's 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."

"Today we signed a MOU with Grace, which is a landmark of its investment and development in Qingdao," said Mr. Chunyu Xianli, Deputy Director-General of Qingdao Bureau of Commerce. "I believe that the good location, industrial layout and human resources will provide Grace with sound supports to its development in China and Asia Pacific region. Qingdao Municipal Government, Qingdao Bureau of Commerce and West Bank Economic Zone will offer the best services and supports to its establishment. The rapid and sound development of Grace in Qingdao will play an important role in promoting the petro and chemical industry in the city. We are looking forward to the further enhancement of our cooperation with Grace."

Grace 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.

For more information, please visit www.grace.com.