Abu Dhabi, UAE - May 4, 2014 - W. R. Grace & Co. (NYSE: GRA), with Joint Venture partner, Abu Dhabi-based Al Dahra Agriculture, today officially broke ground on phase one, the infrastructure to support the first Fluid Catalytic Cracking (FCC) catalyst manufacturing operation in the Middle East.
The investment makes the Joint Venture the latest tenant to build in Khalifa Industrial Zone Abu Dhabi (Kizad) and moves the operation a step closer to becoming an ongoing customer of services at the Khalifa Port in the Taweelah area, with the site located only 70km from the city of Abu Dhabi in the United Arab Emirates.
In addressing a gathering of regional business leaders, Grace Chairman and Chief Executive Officer Fred Festa was joined by H. E. Khadim Al Darei, Al Dahra's Vice Chairman, Mohamed Al Shamisi, Chief Executive Officer, Abu Dhabi Ports Company (ADPC) and Engineer Khaled Salmeen Al Kawari, Chief Executive Officer of Kizad. The groundbreaking ceremony followed the announcement almost exactly one year ago of the Joint Venture agreement.
"We're excited to put a shovel in the ground and move forward with our commitment to serve the leading refiners in the region," said Festa. "We're pleased to play a part in the development of Kizad and Khalifa Port and to take our place within Abu Dhabi's vibrant business community."
"This is the first step in the project that utilizes important foreign investment to create a local source of FCC catalysts. This will bring new jobs and technology to the UAE," said H.E. Khadim Al Darei.
For decades, Grace has served the world's leading petrochemical companies and its catalysts are used to process nearly 40 percent of transportation fuels worldwide. Grace is the global leader for FCC catalysts and additives. Grace's research leadership and flexible manufacturing system support catalysts technologies tailored to the individual needs of its customers.
Commenting on the latest high profile ground breaking at Kizad, Engineer Khaled Salmeen said, "The Grace Joint Venture with Abu Dhabi's Al Dahra Agriculture is a strong and important partnership economically, industrially and commercially. It is one that will serve the refining industry in the UAE and beyond. It will allow for knowledge transfer and bring leading catalyst processing technology vital for the transport as well as petrochemical industries in the UAE."
Al Dahra Agriculture has demonstrated strong support for the long-term growth and diversification of the UAE economy, including a partnership with the Emirate's government to develop a strategic food security program. The company continues to increase its international presence as a leader in the global food supply chain sector.
About Grace
Grace is a leading global supplier of catalysts; engineered and packaging materials; and specialty construction chemicals and building materials. The company's three industry-leading business segments--Grace Catalysts Technologies, Grace Materials Technologies, and Grace Construction Products--provide innovative products, technologies, and services that improve the products and processes of our customer partners around the world. Grace employs approximately 6,500 people in over 40 countries and had 2013 net sales of $3.1 billion. More information about Grace is available at www.grace.com.
About Al Dahra Agriculture
Al Dahra is a leading company specializing in agriculture and animal production. With global operations, farms and production facilities in the Americas, Europe, Asia and Africa, it is the premier supporter of the stable supply of high quality forage, fresh produce, dairy products and commodities to the local and regional market. Its unique value proposition coupled with specialization in logistics and supply chain further enhances its distinguished market position. For more information, visit www.aldahra.com.
This announcement contains forward-looking statements, that is, information related to future, not past, events. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "suggests," "anticipates," "outlook," "continues" or similar expressions. Forward-looking statements include, without limitation, expected financial positions; results of operations; cash flows; financing plans; business strategy; operating plans; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost reduction initiatives, plans and objectives; and markets for securities. For these statements, Grace claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Like other businesses, Grace is subject to risks and uncertainties that could cause its actual results to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements include, without limitation: risks related to foreign operations, especially in emerging regions, including currency exchange rate changes, the cost and availability of raw materials and energy, the effectiveness of its research and development and growth investments, acquisitions and divestitures of assets and gains and losses from dispositions, developments affecting Grace's funded and unfunded pension obligations, its legal and environmental proceedings, costs of compliance with environmental regulation and those additional factors set forth in Grace's most recent Annual Report on Form 10-K, quarterly report on Form 10-Q and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission and are readily available on the Internet at www.sec.gov. Reported results should not be considered as an indication of future performance. Readers are cautioned not to place undue reliance on Grace's projections and forward-looking statements, which speak only as the date thereof. Grace undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.
© Press Release 2014
