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W. R. Grace & Co. announced the successful start-up of two 400 KTA UNIPOL® polypropylene process technology lines at Oriental Energy in Ningbo, China, increasing total capacity to over 6.3 million tons per annum. This expansion meets rising consumer demand in the region, with plans for an additional 2 million tons of capacity in the coming years. Grace's UNIPOL® PP technology offers a competitive edge in the polypropylene market, providing access to the broadest range of homopolymers and copolymers globally.
W. R. Grace & Co. has licensed its UNIPOL® polypropylene (PP) process technology to Oriental Energy for its fifth PP line at the Maoming plant in China, adding a production capacity of 400 KTA. This partnership, rooted in a decade of collaboration, underscores Grace's technology's effectiveness in producing advanced polypropylene resins. Oriental Energy has the largest UNIPOL® PP operating capacity in China and plans further expansions. The UNIPOL® technology is recognized for its operational efficiency and competitive market advantage.
W. R. Grace & Co. announced that its licensee, Braskem, has successfully completed one year of commercial production at its 450 KTA polypropylene production line in La Porte, Texas. This facility, utilizing Grace's advanced UNIPOL® PP technology, is designed for sustainable operations, focusing on air emissions, water usage, energy efficiency, and waste reduction. Braskem's CEO highlighted the line's contribution to meeting increased market demand, particularly during supply chain challenges. Grace continues to provide support to Braskem for optimized production and product offerings.
Hoover CS has entered a multi-year agreement with Advanced Refining Technologies LLC (ART), a joint venture of W. R. Grace & Co. (NYSE:GRA) and Chevron (NYSE:CVX), to provide circular catalyst packaging and logistics solutions. This arrangement supports Bapco's largest catalyst management agreement. The partnership, established on August 11, 2021, aims to enhance sustainability in catalyst management across the supply chain. Hoover CS will utilize its proprietary FleetAI technology for logistics, focusing on delivering a sustainable solution for ART and its clients.
On September 20, 2021, W. R. Grace Holdings and W. R. Grace & Co. announced the results of their Exchange Offers, allowing eligible holders to exchange existing notes for new secured notes. The Exchange Offers expired on the same date, with significant participation, as 99.82% of the 5.625% Notes and 99.10% of the 4.875% Notes were tendered. The settlement is expected on September 22, 2021, concurrent with a merger agreement that will see Grace merge into Holdings. The New Secured Notes will not be registered under the Securities Act, limiting their sale in the U.S.
On September 17, 2021, W. R. Grace & Co. (GRA) announced that shareholders approved the merger agreement with Standard Industries Holdings. Approximately 99.6% of votes favored the acquisition, which values Grace at $70.00 per share in cash. This transaction is expected to close on September 22, 2021, turning Grace into a privately-held entity and removing its stock from the NYSE. CEO Hudson La Force expressed gratitude for shareholder support, emphasizing that the merger aligns with their strategy to enhance customer value.
W. R. Grace & Co. (NYSE:GRA) has licensed its UNIPOL® PP process technology to GAIL (India) Ltd for a new 500 KTA polypropylene plant in Usar, Maharashtra, the first of its kind in India. This represents Grace's largest single-line UNIPOL® PP technology capacity in India. GAIL's continued partnership evidences confidence in Grace's capabilities, and the deal highlights the effectiveness of Grace's technology amidst the COVID-19 pandemic. The UNIPOL® technology is recognized for its operational efficiency and broad polypropylene product offerings.
W. R. Grace Holdings LLC and W. R. Grace & Co. (NYSE: GRA) have extended the Expiration Date for their Exchange Offers from August 31, 2021, to September 20, 2021. These offers allow holders to exchange existing notes for new secured notes and cash. As of August 30, 2021, significant amounts of existing notes have been tendered, with 99.58% for the 5.625% Notes due 2024 and 97.02% for the 4.875% Notes due 2027. The Exchange Offers are contingent upon the completion of a merger under an agreement dated April 26, 2021, which will merge Grace with a subsidiary of Holdings.
Standard Industries announced the appointment of Bhavesh V. (Bob) Patel as CEO of W. R. Grace, effective January 2022, following its acquisition of the company. Patel, who previously led LyondellBasell, brings over 30 years of industrial experience. He is tasked with driving growth and transitioning Grace post-acquisition. Hudson La Force will remain CEO until the end of the year before moving to the advisory board. Standard Industries operates globally with more than 15,000 employees and diverse industrial holdings.
