W.R. Grace & Co.

W.R. Grace & Co.

▪ American industrial company
also called  Grace 

      American industrial company, with international interests in specialty chemicals, construction materials, coatings, and sealants. It is headquartered in Columbia, Maryland.

      The company grew out of a Peruvian land, natural resource, and shipping enterprise formed by William R. Grace (Grace, William R.) in 1854. In 1865 Grace expanded the firm's shipping operations after moving its headquarters to New York City. The company was incorporated in the United States as W.R. Grace & Co. in 1899. Under the leadership of the founder's grandson, J. Peter Grace, from 1945 to 1989, W.R. Grace & Co. evolved from an agricultural and transportation firm with heavy investments in Peru and Chile into a diversified chemical giant. The shift away from Latin American operations began in 1950, and in 1970 the company's Peruvian industries were nationalized. In the 1970s the sale of chemicals and chemical products came to account for more than half of the firm's annual revenues.

      Grace moved into the areas of consumer goods and energy resources in the 1980s but sold these and its fertilizer operations in the early '90s to concentrate on the manufacture of specialty chemicals (container sealants, catalysts), flexible packaging materials, and construction products. In 1998 the company sold its packaging business to the Sealed Air Corporation and thenceforth concentrated on its specialty-chemicals business. Legal claims stemming from asbestos exposure led Grace to file for Chapter 11 bankruptcy in 2001.

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