08 February 2012 13:08 [Source: ICIS news]
HOUSTON (ICIS)--WR Grace has reorganised its business from the existing two divisions into three operating segements in an effort to move closer to its markets and reduce costs, the US-based specialty chemicals and catalysts firm announced on Wednesday.
Up until now, these two new segments have operated as the specialty chemical supplier Grace Davison.
The new Grace Catalysts Technologies segment includes catalysts and related technologies used in refining, petrochemical and other chemical manufacturing applications.
Last year, this segment had revenues of about $1.4bn (€1.1bn). Grace’s Advanced Refining Technologies joint venture is managed in this segment.
Grace Materials Technologies segment includes engineered materials, coatings and sealants used in consumer, industrial, packaging and pharmaceutical applications. The 2011 revenues for this segment were about $800m.
Grace Construction Products includes specialty construction chemicals and specialty building materials used in commercial, infrastructure and residential construction. The 2011 revenues for this segment were about $1.0bn.
Shawn Abrams has been appointed president of Grace Catalysts Technologies. Abrams was most recently vice president, Refining Technologies, within the former Grace Davison operating segment.
Joanne Green has been appointed president of Grace Materials Technologies. Green was vice president, Discovery Sciences, within the former Grace Davison operating segment.
Meanwhile, Grace Construction Products will continue to be led by its current president, Andrew Bonham, the company said.
CEO Fred Festa said: “This new business segment structure allows us to align our segments more closely with our markets and to pursue operational efficiencies and reduce overhead costs.”
($1 = €0.75)
For more on WR Grace visit ICIS company intelligence
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