W.R. Grace & Co. (NYSE: GRA) is buying the remaining 50 percent interest in a joint venture called Grace Yapi Kimyasallan.
Grace formed the JV in 1996 with STFA Yatirim Holding AS, a Turkish conglomerate that provides construction, natural gas distribution, construction equipment and chemicals. Under the terms of the deal. STFA is selling its 50 percent stake to Construction Products Dubai, a subsidiary of Grace. Terms of the transaction were not disclosed.
Grace Yapi, headquartered in Istanbul, Turkey, provides cement additives, concrete admixtures and building envelope products in Turkey and the surrounding region. The company will operate as a subsidiary of Grace in the company's construction products business segment.
The buyer, headquartered in Columbia, Maryland, provides specialty construction chemicals and building materials. The company spent more than 12 years in Chapter 11 bankruptcy protection, emerging in February, after an asbestos problem ended up leading to thousands of lawsuits against the company and forcing it into bankruptcy protection in April 2001.
In December, Grace closed a $500 million deal for a unit of Dow Chemical Co.'s (NYSE: DOW) business. The company also closed a deal for Noblestar Catalysts Co. Ltd.'s assets in November 2012.