W.R. Grace buys catalyst components business for $20 million

By Caroline Salls

Pittsburgh, May 16 - W.R. Grace & Co. obtained court approval to buy the catalyst components business and some catalyst manufacturing assets of a privately held New Jersey chemical company for $20 million, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, the acquisition will increase revenues in Grace's polymerization catalyst business and will give it the assets to meet current and future production requirements for less cost than would be required to build new or expand existing facilities.

The purchase price is subject to a post-closing adjustment based on a specified $3.5 million change in the working capital of the business.

W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001. Its Chapter 11 case number is 01-01139.

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