W.R. Grace & Co. buys European waterproofing firm
W.R. Grace & Co. purchased a group of privately owned European companies that make waterproofing products, boosting its manufacturing presence in Europe.
Financial terms of the deal were not disclosed.
W.R. Grace said it bought Belgium-based De Neef Conchem Group to incorporate its line of waterproofing products for the construction business, including concrete protection and repair products. W.R. Grace makes construction materials and chemicals through its Grace Construction Products division. De Neef products are made in Belgium, Spain and the United States and are sold throughout the world.
The acquisition is part of W.R. Grace's strategy to grow in developing countries by buying up overseas firms. The chemical maker, based in Columbia, Md., recently bought Wuhan Meilixin New Building Materials Co., Ltd., which makes waterproofing products in China. The company has also opened seven manufacturing sites in emerging regions since 2010.
Shares of rose 84 cents, or nearly 2 percent, to $47.76 in afternoon trading.