W.R. Grace Expands in China
W.R. Grace & Co. is increasing its presence in China with the creation of a subsidiary and technical service center in Shanghai and the expansion of an office in Guangzhou.
W.R. Grace & Co. is increasing its presence in China with the creation of a subsidiary and technical service center in Shanghai and the expansion of an office in Guangzhou.
The new Shanghai center is focused on sealants, closures and coatings for containers. The Guangzhou office, opened in 2000, has been doubled in size.
"We are working to support the fast-moving development of the Chinese pharmaceutical industry with its strength in innovation, manufacturing, and marketing of chromatography products," CEO Fred Festa said in a statement.
Grace employs more than 225 in four manufacturing, four sales and four technical service centers throughout China. Revenues from the region were $403.2 million in 2005, an increase of 15.5 percent from the prior year.
Grace (NYSE:GRA) has employees in 40 countries and annual sales of more than $2.5 billion. In 1986, it became the first wholly foreign-owned business allowed to conduct business in China.
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