Grace Buys Out Turkey Construction Products JV Partner
Columbia, MD – Construction engineering giant W. R. Grace & Co. has entered into definitive agreements to acquire the remaining 50 percent equity interest in the joint venture it formed in 1996 with STFA Yatırım Holding A.S., one of Turkey’s most established and reputable construction industry conglomerates.
With the agreement, STFA will sell its 50 percent stake in Grace Yapı Kimyasalları to Construction Products Dubai, a Grace subsidiary.
The business, located in Istanbul, Turkey, provides cement additives, concrete admixtures, and building envelope products in Turkey and the surrounding region.
The transaction is pending Turkish regulatory approval and is expected to close by the end of the year. Terms were not disclosed.
Following the transaction, the business will become a wholly-owned subsidiary of Grace and operate within its Grace Construction Products business segment.
The business will continue to provide specialty construction chemicals products to customers in Turkey, Azerbaijan, Georgia, Kazakhstan, and Iraq.
Grace is a global supplier of catalysts, engineered and packaging materials, and specialty construction chemicals and building materials.
The company’s three industry-leading business segment – Grace Catalysts Technologies, Grace Materials Technologies, and Grace Construction Products – provide innovative products, technologies, and services to customers in over 150 countries around the world.
Grace employs approximately 6,500 people in over 40 countries and had 2013 net sales of $3.1 billion.