WR Grace’s acquisition of Synthetech approved by US Bankruptcy Court
Industrial catalysis firm WR Grace has been OKed to acquire fine chemicals group Synthetech by the US Bankruptcy Court.
The acquisition, plans for which were unveiled in September, is designed to add chiral chemistry and peptide intermediate synthesis capability to Grace’s offering and further expand its polyolefin catalysis business.
Approval by the District of Delaware Court will be a relief for Synthetech, particularly CEO Gregory Hahn who said the deal “[would create] additional value for all Synthetech stakeholders, including employees, customers, and particularly shareholders.
The merger, which is still subject to clearance by those shareholders, follows a long-running decline in Synthetech’s revenues after lower demand from key international customers.
