Grace is an American chemical business based in Columbia, Maryland. It produces specialty chemicals and specialty materials in two divisions: Performance Catalyst Solutions and Material Technologies.
Performance Catalyst Solutions markets refining catalysts, polyethylene and polypropylene catalysts and related products and technologies used in petrochemical, refining, and other chemical manufacturing applications.
Material Technologies makes specialty materials, including silica-based and silica-alumina-based materials, which are used in commercial products such as coatings and paints, consumer products such as toothpaste, and in chemical process applications, as well as Fine Chemical Manufacturing Services.
For much of its early history, Grace's main business was in South America, in maritime shipping, railroads, agriculture, and silver mining, with 30,000 employees in Peru.
In the 1950s, Grace began to diversify and grew into a Fortune 100 worldwide conglomerate.
After emerging from a prolonged bankruptcy period of 12 years in 2014, the company spun off its other major operating divisions. In 2015, Grace separated into two independent public companies. Its Catalysts and Material Technologies business segments remained in Grace, and what would later become GCP Applied Technologies Inc. held its Grace Construction Products (GCP) and Darex Packaging Technologies businesses.
In September 2021, Standard Industries acquired Grace (the Catalysts and Material Technologies business segments). In September 2022, GCP Applied Technologies was acquired by Saint-Gobain, a global leader in construction chemicals.
In November 2025, Grace acquired Chevron U.S.A. Inc.'s interest in Advanced Refining Technologies (ART), a joint venture between the two companies that produces refining catalysts for lower-carbon fuels.
History The company was founded in 1854 in Peru by William Russell Grace at the age of 22. Grace left Ireland during the Great Famine and traveled to South America with his family. He went first to Peru to work for the firm of Bryce and Company as a ship chandler to the merchantmen harvesting guano, which was used as a fertilizer and gunpowder ingredient due to its high levels of phosphorus and nitrogen.
His brother, Michael P. Grace, joined the business, and in 1865 the company name was changed to Grace Brothers & Co. The company established headquarters in New York City in 1865. Working in fertilizer and machinery, the company was chartered in 1872 and incorporated in 1895.
From 1904 to 1907, Edward Eyre served as president after the death of William Grace. In 1907, Joseph Peter Grace, the son of William Russell Grace, became president of the company. In 1914, the company created Grace National Bank.
In 1928, under Joseph Peter Grace's leadership, an agreement between Grace and Pan American formed Pan American-Grace Airways (or Panagra), a United States international carrier flying down the west coast of South America. Panagra ultimately evolved into a jet carrier flying from Miami and New York to South America before merging with Braniff Airways in 1967, becoming Braniff's South American network. These routes were sold to Eastern Air Lines in 1982 and then to American Airlines in 1990. In 1929, the vice president at that time, D. Stewart Inglehart, became president, and Joseph Peter Grace was elected chairman of the board of the company.In 1945, the founder's grandson and Joseph Peter Grace's son, J. Peter Grace, became president. Under his leadership, the company owned the country's largest oil-drilling fleet as of 1990-1993, managed its subsidiary Grace Cocoa, which was one of the world's leading suppliers of cocoa bean and chocolate ingredients as of 1992, as well as sugar plantations in Peru, cotton mills in Chile, silver, clay, phosphate, and tin mines. Through its Davison Chemical Division, the company had processed various nuclear materials under a contract from the United States Atomic Energy Commission (AEC).
New companies such as Grace Petroleum, Grace Drilling, and Grace Healthcare were created under the umbrella of the Grace Corporation. Grace owned a food group that operated 900 chain restaurant locations, and a retail division with chains for sporting goods, home improvement, jewelry, aftermarket automotive parts and leather goods. The company operated fertilizer companies, confectioners and beverage companies, including Miller Brewing. Grace pioneered genetic engineering at its Agricetus division in Wisconsin, and human gene therapy at its Aurigent Pharmaceuticals group. The company constructed a 160-acre research complex, the Washington Research Center, in Columbia, Maryland. It also commissioned the New York City skyscraper, the W. R. Grace Building, as its world headquarters, in midtown Manhattan, where it directed worldwide operations, including Grace Container Products.
1950s In 1953, the company became a public company via an initial public offering on the New York Stock Exchange. In 1954, the company acquired Davison Chemical Company and Dewey & Almy Chemical Company, entering the specialty chemicals and specialty materials industries and establishing the basis for the current product lines. In 1955, the company elected a chairman of the company who was not a member of the Grace family, which was a first in the 101-year history of company. The company appointed Charles E. Wilson, who was the former CEO of General Electric. His predecessor for his position was William Grace Holloway.
1960s In November 30, 1960, Grace announced a multi-million dollar expansion of its polymer chemicals division. In December 1969, Grace sold Grace Shipping Company to Prudential Lines for $445 million.
1970s In 1970, Grace purchased FAO Schwartz. In the following year, Grace acquired the Italian food company Barilla. In that same year, Grace reported 1971 earnings of $2 billion and was 47th largest industrial in the Fortune 500 survey for that year. In 1972, W. R. Grace signed a 30-year lease for its new headquarters at the building that would become known as the W.R. Grace Building. In 1977, Grace purchased Del Taco Restaurants, Incorporated. In 1978, the proposed merger of Grace and King's Department Stores was called off. The addition of the department stores would have added $325 million in sales revenue to what was $1 billion in revenue from restaurants and retail for Grace at that time.
Chemed In 1970, Grace created the Chemed Corporation, which purchased, operated, and divested subsidiaries engaged in diverse business activities. It managed VITAS healthcare and Roto-Rooter for Grace and still manages these two companies to this day. Eleven years later the formation of the corporation, Chemed ceased being a subsidiary of Grace and became a standalone company in 1981.
1980s In February 1981, the company announced a joint venture with Netherlands retail giant Vroom & Dreesmann, which gave its Dutch partner 50% buy-in to many of its retail stores. In 1987, Grace built a can sealant plant in Minhang, China, near Shanghai, becoming the first wholly foreign-owned, private company to do business in The People's Republic of China.
In 1989, Grace sold Grace Equipment, an equipment rental company primarily for the petrochemical and construction industry to Companie Francaise de l'Afrique Occidentale (CFAO) of Paris for $305 million. In that same year, Grace did a public offering for 16.6% of its Grace Energy Corporation, which was a company that supplied services and equipment to the oil and gas industry and was involved in oil and gas exploration and development and coal mining as well. The public offering raised approximately $100 million.
1990s In 1990, following the Grace's Grace Energy public offering in 1989, Grace Energy purchased all of the minority shares of its common stock of its Grace Drilling from Panhandle Eastern Corporation, which gave Grace Energy 99.45% ownership of Grace Drilling.
In 1992, Grace sold its 21%-percent interest of Grace Cocoa (Grace Cocoa Associates, LP,), for $300 million. Grace Cocoa was classified as a discontinued operation by Grace in 1993, but due to market conditions, the Grace later sold the rest of the company along with its paper drying, polymer, and filtration units in 1996 for over $300 million.
In 1995, Albert Costello became the CEO of the company, replacing J. Peter Grace, as well as became the new president, replacing J.P. Bolduc. Costello was the former CEO and chairman of the board at American Cyanamid (1993-1994). Bolduc (CEO from 1993-1995) was considered to have successfully sold off some of the unprofitable noncore businesses and to have expanded some of the successful businesses within the company at that point in time.
2000s In 2001, Grace began its multiyear process for filing for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. When the bankruptcy filing was announced, the company was reported to be involved in approximately 110,000 asbestos-related lawsuits. This number would later be reported to be 125,000. In 2005, Grace was charged with violating the Clean Air Act because of released asbestos from its vermiculite mine in Libby, Montana. In that same year, the State of New Jersey announced that is will sue Grace over its operation of the Zonolite (vermiculite) plant in that state.
2010s In 2010, Grace received approval from the U.S. Bankruptcy Court for the merger with Synthetec, which is a company that had developed and manufactured amino acid and peptide products as well as proprietary custom chiral intermediates primarily for the pharmaceutical industry. In 2014, the Grace bankruptcy process terminated. However, some legal procedures continued into the next decade.
In February 2016, Grace completed the corporate spin-off of GCP Applied Technologies, which was also as a public trading corporation on the NYSE. Grace shareholders receive GCP stock on 1:1 ratio. GCP Applied Technologies consisted of the concrete admixture and related products company Grace Construction Products (GCP) and Darex, a packaging technologies business unit.
In July 2016, Grace acquired the global polyolefin catalysts business unit from BASF.
2020 In June 2021, the company continued with acquisitions for polyolefin catalysts business units and acquired the polyolefin catalysts unit of Albemarle Corporation for $416 million. Grace stated that "the deal will strengthen its position in single-site and metallocene catalysts for polyolefins and Ziegler-Natta catalysts for polyethylene." In September 2021, Standard Industries acquired the company. Standard Industries purchased the company for $70 per share, which was approximately a $7 billion transaction at that time.
In September 2022, Saint-Gobain announced the acquisition of GCP Applied Technologies for $32.00 per share, in cash, or approximately $2.3 billion for the purchase. With the transaction, GCP was delisted from the stock exchange.
Incorporation There are two accounts of the incorporation date of W. R. Grace & Co. According to The New York Times, the company was incorporated as part of the estate and successor planning in 1895. The three brothers consolidated most of their holdings into a new private company, incorporated in West Virginia, called W. R. Grace & Company. The consolidation involved W. R. Grace & Co. of New York, Grace Brothers & Co. of Lima, Peru, Grace & Co. of Valparaíso, Chile, William R. Grace & Co. of London, and J. W. Grace & Co of San Francisco.
According to its website, W. R. Grace & Co. was incorporated in Connecticut in 1899. The listed capital of $6 million did not include Grace Brothers & Co. Limited in London or its branches in San Francisco, Lima, and Callao, Peru, nor Valparaíso, Santiago, and Concepción, Chile.