Grace Buys Out Turkey Construction Products JV Partner

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W. R. Grace & Co. GRA has entered into definitive agreements to acquire the remaining 50 percent equity interest in the joint venture it formed in 1996 with STFA Yatırım Holding A.S., one of Turkey's most established and reputable conglomerates providing services in construction, natural gas distribution, construction equipment, and construction chemicals.

Columbia, MD (PRWEB) November 20, 2014

W. R. Grace & Co. GRA has entered into definitive agreements to acquire the remaining 50 percent equity interest in the joint venture it formed in 1996 with STFA Yatırım Holding A.S., one of Turkey's most established and reputable conglomerates providing services in construction, natural gas distribution, construction equipment, and construction chemicals. With the agreement, STFA will sell its 50 percent stake in Grace Yapı Kimyasalları to Construction Products Dubai, a Grace subsidiary.

The business, located in Istanbul, Turkey, provides cement additives, concrete admixtures, and building envelope products in Turkey and the surrounding region. The transaction is pending Turkish regulatory approval and is expected to close by the end of the year. Terms were not disclosed.

“We are pleased to have the opportunity to acquire the remaining interest in this joint venture. Grace is committed to Turkey and is well positioned to capitalize on the growth in construction spending in Turkey and the surrounding region. We are grateful to STFA for being a terrific partner for nearly two decades,” said Grace Construction Products President Tom Petti.

Mehmet Ali Neyzi, CEO of STFA, noted, “We are proud of our long and successful collaboration with Grace. We are sure the Grace Turkey team will lead significant growth in the Middle East and Central Asia region.”

The joint venture has been consolidated in Grace financial statements since 2001. Following the transaction, the business will become a wholly-owned subsidiary of Grace and operate within its Grace Construction Products business segment. Grace offers a wide range of innovative specialty construction chemicals and, as a worldwide leader in the construction products industry, its building materials have been used in major projects around the globe. The business will continue to provide Specialty Construction Chemicals products to customers in Turkey, Azerbaijan, Georgia, Kazakhstan, and Iraq. It will also remain an important growth center for the company's Specialty Building Materials business in the region.

About Grace

Built on talent, technology, and trust, Grace is a leading global supplier of catalysts; engineered and packaging materials; and specialty construction chemicals and building materials. The company's three industry-leading business segments—Grace Catalysts Technologies, Grace Materials Technologies, and Grace Construction Products—provide innovative products, technologies, and services that improve the products and processes of our customer partners in over 150 countries around the world. Grace employs approximately 6,500 people in over 40 countries and had 2013 net sales of $3.1 billion. More information about Grace is available at grace.com.

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This announcement contains forward-looking statements, that is, information related to future, not past, events. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues” or similar expressions. Forward-looking statements include, without limitation, expected financial positions; results of operations; cash flows; financing plans; business strategy; operating plans; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost reduction initiatives, plans and objectives; and markets for securities. For these statements, Grace claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Like other businesses, Grace is subject to risks and uncertainties that could cause its actual results to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements include, without limitation: risks related to foreign operations, especially in emerging regions, including currency exchange rate changes; the cost and availability of raw materials and energy; the effectiveness of its research and development and growth investments; acquisitions and divestitures of assets and gains and losses from dispositions; developments affecting Grace's funded and unfunded pension obligations; its legal and environmental proceedings; costs of compliance with environmental regulation; and those additional factors set forth in Grace's most recent Annual Report on Form 10-K, quarterly report on Form 10-Q and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission and are readily available on the Internet at http://www.sec.gov. Reported results should not be considered as an indication of future performance. Readers are cautioned not to place undue reliance on Grace's projections and forward-looking statements, which speak only as the date thereof. Grace undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.

For the original version on PRWeb visit: http://www.prweb.com/releases/2014/11/prweb12340879.htm

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