WR Grace gets court approval to advance solvent subsidiary cash to buy Alltech International

By Jeff Pines

Washington, July 22- W.R. Grace & Co. obtained court approval to advance its separations group, a solvent subsidiary, up to $57.9 million to buy Alltech International Holdings Inc.

The order was filed with the U.S. Bankruptcy Court for the District of Delaware Wednesday.

The proposed acquisition is part of W.R. Grace's plan to increase the value of its specialty materials business, it said.

The money to pay for the purchase will come from about $84 million that W.R. Grace received from Grace GmbH and Co. KG in the second quarter. It will then loan part of the money to its business unit buying Alltech and make an investment in the separations group for the balance of the purchase price, W.R. Grace said in previous court paperwork.

Columbia, Md.-based W.R. Grace is a supplier of construction materials. The company filed for Chapter 11 on April 2, 2001 to gain protection from asbestos claims. Its Chapter 11 case number is 01-01139.

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