W.R. Grace & Co.
Variant namesBiographical notes:
For much of its early history, Grace's main business was in South America, in maritime shipping, railroads, agriculture, and silver mining, with 30,000 employees in Peru. In the 1950s, Grace began to diversify and grew into a Fortune 100 worldwide conglomerate. After emerging from a prolonged bankruptcy period of 12 years in 2014, the company spun off its other major operating divisions. In September 2021, Standard Industries acquired the company.
The company was founded in 1854 in Peru by William Russell Grace at the age of 22. Grace left Ireland during the Great Famine and traveled to South America with his family. He went first to Peru to work as a ship chandler for the firm of Bryce and Company, to the merchantmen harvesting guano, used as a fertilizer and gunpowder ingredient due to its high levels of phosphorus and nitrogen.
His brother, Michael P. Grace, joined the business, and in 1865 the company name was changed to Grace Brothers & Co. The company set up head office operations in New York City in 1865. Working in fertilizer and machinery, the company was formally chartered in 1872, and incorporated in 1895.
In 1904, Michael P. Grace became president after the death of William Grace.
The company expanded, creating business divisions including Grace Shipping, Grace Cruise Lines, Grace Petroleum, Grace Drilling, and Grace Healthcare. Grace acquired and combined other companies to create and expand businesses such as Barilla Pasta, FAO Schwarz, Ingersoll-Rand, Roto-Rooter, Del Taco, and Cartavio Distilleries.
In 1914, it created Grace National Bank.
In 1945, the founder's grandson, J. Peter Grace, became president. Under his leadership, the company owned the country's largest oil-drilling fleet, ran the world's largest cattle ranch and the world's largest cocoa bean company; sugar plantations in Peru; cotton mills in Chile; silver, clay, phosphate, and tin mines; and processed rare earths for the US nuclear arms program. Grace owned a food group that operated 900 chain restaurant locations, a retail division with chains for sporting goods, home improvement, jewelry, aftermarket automotive parts, and leather goods. The company operated fertilizer companies, confectioners, and beverage companies, including Miller Brewing. Grace pioneered genetic engineering at its Agricetus division in Wisconsin, and human gene therapy at its Aurigent Pharmaceuticals group. The company constructed a 160-acre research complex, the Washington Research Center, in Columbia, Maryland. It also commissioned the New York City skyscraper, the W. R. Grace Building, as its world headquarters, in midtown Manhattan, from where it directed worldwide operations, including Grace Container Products.
In 1954, the company acquired Davison Chemical Company and Dewey & Almy Chemical Company, entering the specialty chemicals and specialty materials industries.
In 1987, Grace built a can sealant plant in Minhing, China, near Shanghai, thereby became the first wholly foreign-owned, private company to do business in The People's Republic of China.
In 1953, the company became a public company via an initial public offering on the New York Stock Exchange. In 1954, Grace acquired Davison Chemical Company and Dewey & Almy Chemical Company, establishing the basis for the current product lines.
In February 2016, Grace completed the corporate spin-off of GCP Applied Technologies.
In July 2016, the company acquired a catalysts business from BASF.
In June 2021, the company acquired a unit from Albemarle Corporation.
In September 2021, Standard Industries acquired the company.
There are two accounts of the incorporation date of W. R. Grace & Co. According to The New York Times, the company was incorporated as part of estate and successor planning, in 1895. The three brothers consolidated most of their holdings into a new private company, incorporated in West Virginia, called W. R. Grace & Company. The consolidation involved W. R. Grace & Co. of New York, Grace Brothers & Co. of Lima, Peru, Grace & Co. of Valparaiso Chile, William R. Grace & Co. of London, and J. W. Grace & Co of San Francisco.
According to its website, W. R. Grace & Co. was incorporated in Connecticut in 1899. The listed capital of $6 million did not include Grace Brothers & Co. Limited in London or its branches in San Francisco, Lima and Callao, Peru, nor in Valparaiso, Santiago, and Concepción, Chile.
J. Louis Schaefer, who joined the company as a boy, played a key role in not only W. R. Grace & Company, in which he became a vice president, but also as president of Grace National Bank. Schaefer was a co-executor of the estate of Michael Grace with William's son and corporate successor, Joseph Peter Grace, Sr. J. Louis Schaefer died in 1927.
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Subjects:
- Banks and banking
- Ships
- Canals
- Canals, Interoceanic
- Charities
- Families
- Industry
- Insurance
- Mines and mineral resources
- Real property
- Railroads
- Ship brokers
- Ship chandler
- Shipping
Occupations:
Places:
- 00, CR
- ENG, GB
- 00, IE
- 00, CL
- NY, US
- CA, US
- NY, US
- 00, US
- 00, NI
- 07, PE
- 00, PE
- ENG, GB
- ,
- Costa Rica (as recorded)
- England (as recorded)
- Ireland (as recorded)
- Chile (as recorded)
- New York (N.Y.) (as recorded)
- San Francisco (Calif.) (as recorded)
- New York (State)--New York (as recorded)
- United States (as recorded)
- Nicaragua (as recorded)
- Peru--Callao (as recorded)
- Peru (as recorded)
- London (England) (as recorded)
- South America (as recorded)
- Nicaragua Canal (Nicaragua) (as recorded)
- Callao (Callao, Peru) (as recorded)
