W. R. Grace & Co. announced Thursday it has agreed to buy out its partner in a Turkish joint venture that supplies cement and concrete additives in the Middle East.
The Columbia-based Grace formed the 50-50 joint venture in 1996 with Turkish conglomerate STFA Yatirim Holding A.S. The venture, known as Grace Yapi Kimyasallari, is based in Istanbul and will be folded into the Grace Construction Products division.
Terms of the deal, which would close by the end of the year if it receives regulatory approval in Turkey, were not disclosed.
"Grace is committed to Turkey and is well positioned to capitalize on the growth in construction spending in Turkey and the surrounding region," said Tom Petti, president of Grace Construction Products.
The operation will continue to supply specialty construction chemicals to customers in Turkey, Azerbaijan, Georgia, Kazakhstan, and Iraq.
Grace shares were up 43 cents, closing at $95.65.