W.R. Grace Agrees To Buy BASF's Polyolefin Catalysts Unit For Undisclosed Terms

W.R. Grace & Co GRA disclosed that it struck a deal to buy the assets of BASF's Polyolefin Catalysts Business. The company did not disclose the terms and conditions of the agreement. According to the company, the deal is expected to close in the third quarter of the current year, subject to the regulatory approvals and customary conditions. The company's Chairman and CEO, Fred Festa, said that "This is an important addition to Grace's strong portfolio of polyolefin catalysts technologies. Grace is uniquely positioned to serve the growing needs of the polyolefins market and benefit from operational synergies. This opportunity is perfectly aligned with our focus on core catalysts and materials technologies." W.R. Grace said that the acquisition included technologies, patents, trademarks, and production plants in Pasadena, Texas and Tarragona, Spain, and approximately 170 employees globally. Aside from its proprietary PP and PE catalysts products and technology, the BASF assets provided with significant additional flexibility, as well as, capacity for its global polyolefin manufacturing network. Shares of the company traded 1.00% higher on Friday.