Sunday, 31 August 2008

Joseph P. Grace

Joseph P. Grace - President of WR Grace & Co

W. R. Grace and Company (NYSE: GRA) is a Columbia, Maryland, United States based chemical conglomerate.

The company has two main divisions, Davison Chemicals and Performance Chemicals. The Davison unit makes chemical catalysts, refining catalysts, and silica-based products that let other companies make products from refined crude oil. Its Performance Chemicals unit makes cement and concrete additives, fireproofing chemicals, and packaging sealants. The customers include chemicals companies, construction firms, and oil refiners.[1]

Their self-description is "a premier specialty chemicals and materials company." Grace has more than 6,400 employees in nearly 40 countries, and annual sales of more than $2.5 billion.[1] The company's stock, with ticker symbol "GRA," listed in 1953, trades on the New York Stock Exchange.[2]


W.R. Grace and Company was founded in 1854 in Peru by William Russell Grace (1832-1904), who left Ireland due to the Potato Famine. He went first to Peru to work as a ship's chandler to the merchantmen harvesting guano (fertilizer and gunpowder ingredient due to its high levels of phosphorus and nitrogen) and, moving the company to New York City in 1865 working in fertilizer and machinery, the company was formally chartered in 1872, and incorporated in 1899.[3] Joseph P. Grace Sr. became company president in 1907. During the Second World War, in 1945, J. Peter Grace Jr., W.R. Grace's grandson, took control of the company. The company began to diversify.

In 1954, the company bought Davison Chemical Company (founded by William T. Davison as Davison, Kettlewell & Company in 1832), and the Dewey & Almy Chemical Company (founded in 1919 by Bradley Dewey and Charles Almy).

At one time, Grace's main business interest was in the shipping business. To get its products from Peru to North America and Europe, including guano and sugar, and noticing the need for other goods to be traded, William Grace founded a shipping division.[3]

The company bought a 53% stake in Miller Brewing in 1966, for $36 million, Lorraine Mulberger sold the stake for religious reasons.[4] It sold the Miller stake in 1969 to Philip Morris for $130 million, topping a deal with PepsiCo for $120 million.[5][6][7]

In 1987, with a can sealing plant in Shanghai, Grace became the first wholly foreign-owned company to do business in The People's Republic of China.

Grace's corporate headquarters are located in Columbia, Maryland. Although W. R. Grace commissioned the Grace Building in New York City, built in 1971, the company no longer has any offices occupying it.

In 1998 W.R Grace was sued by the SEC.

Subsidiaries and products

Subsidiaries and some of their products include:

* Grace Davison [8]
o industrial catalysts, such as Raney nickel.
o silica products
* Grace Performance Chemicals [9]
o Grace Construction Products [10]
+ concrete admixtures, fibers, and grinding aids
+ concrete pigments
+ air and vapor barriers
+ fireproofing materials
+ bituminous, structural, waterproofing membranes (such as Roofing Underlayments [11] and waterproofing materials
o Darex [12]
+ coatings, closures and sealants for soft drink cans and canned foods
o Residential Building Materials [13]
+ roofing membranes and flashings for windows, doors, decks and roof detail areas
The American Association of the Sovereign Military Order of Malta (Knights of Malta, SMOM) was founded in 1927. "By 1941 Francis Cardinal Spellman was listed as the 'Grand Protector' and 'Spritual Advisor' of the Order, with John J. Raskob as Treasurer. Members included John Farrell, then President of U.S. Steel, Joseph P. Grace, and John D. Ryan.
WHO'S WHO ? ................... KNIGHTS OF MALTA KNOW
They were soon joined by such titans as John Farrell, president of U.S. Steel; Joseph P. Grace, of W.R. Grace & Co.; Joseph Kennedy, a Boston entrepreneur and father of a future president of the United States; and George MacDonald of Pennsylvania, who made a fortune in oil and utilities.
By 1941 Francis Cardinal Spellman was listed as the ‘Grand Protector’ and ‘Spiritual Advisor’ of the Association (see fn. 9). Using his inherent talent, drive, and devotion to the Association, Cardinal Spellman was able to enlist the aid of some of America’s elite, including: John J. Raskob, chairman of General Motors; John Farrell, then president of U.S. Steel; Joseph P. Grace of W.R. Grace & Co.; Joseph Kennedy, a Boston entrepreneur; George MacDonald of Pennsylvania; and John D. Ryan.

1 comment:

Felcy said...

interesting blog. It would be great if you can provide more details about it. Thanks you

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