Bankrupt W. R. Grace Completes Noblestar Deal
The target manufactures fluid-catalytic cracking catalysts
W.R. Grace & Co. (NYSE: GRA), which has been in bankruptcy protection since 2001, has completed its purchase of Noblestar Catalysts Co. Ltd.’s assets for an undisclosed amount.
Noblestar, based in Qingdao, China, manufactures fluid-catalytic cracking catalysts, catalyst intermediates and related products used by the petroleum refining industry. The target had sales of about $108 million in 2011.
W.R. Grace operates five manufacturing facilities, three sales offices and two technical services centers in China. The company supplies catalysts, engineered and packaging materials, specialty construction chemicals and building materials.
The deal was announced on May 30.
W.R. Grace, which filed for Chapter 11 bankruptcy protection on April 2, 2001, has made multiple acquisitions during the process. The company’s reorganization plan was confirmed on Jan. 31, 2011 but it has yet to exit from bankruptcy protection. It announced in October that it does not plan to exit from bankruptcy this year.
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