COLUMBIA, Md., Aug. 31, 2020 (GLOBE NEWSWIRE) -- W. R. Grace & Co. (NYSE:GRA) today issued a statement that its initial assessment shows no injuries to employees and no significant damage to its refining catalysts manufacturing facility in Lake Charles, LA, where Hurricane Laura made landfall last week. There was no impact to Grace’s other operations along the U.S. Gulf Coast.
The devastation to the Lake Charles, Sulphur, and surrounding communities is severe and widespread. The safety of employees is our first priority and the company has contacted all affected employees with no reports of injuries.
At the Lake Charles manufacturing facility, Grace implemented its hurricane protocol, focused on safety, security, customers, and business continuity including the suspension of operations prior to the storm. Recovery and start-up crews are working with the local utility to restore full electrical power to the site. Teams will complete the full inspection and testing of all systems prior to restart.
Grace is working closely with employees, many of whom experienced severe damage to their homes and communities, to provide temporary housing, food service, and essential supplies so employees can safely return to the site to support start-up activities.
Grace does not expect this event to have any significant impact on customer deliveries. Shipments from Lake Charles inventory will resume this week in parallel to restart activities. Additionally, multiple manufacturing facilities are capable of producing the FCC and hydroprocessing catalysts made at our Lake Charles plant. Catalyst production is being shifted, as needed, to other plants to meet customer shipments until operations resume in Lake Charles.
Built on talent, technology, and trust, Grace is a leading global specialty chemical company. The company’s two industry-leading business segments—Catalysts Technologies and Materials Technologies—provide innovative products, technologies, and services that enhance the products and processes of our customers around the world. With approximately 4,000 employees, Grace operates and/or sells to customers in over 60 countries. More information about Grace is available at grace.com.
This announcement contains forward-looking statements, that is, information related to future, not past, events. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. Forward-looking statements include, without limitation, statements regarding: expected financial positions; results of operations; cash flows; financing plans; business strategy; operating plans; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology; benefits from cost reduction initiatives, plans and objectives; succession planning; and markets for securities. For these statements, Grace claims the protections of the safe harbor for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Grace is subject to risks and uncertainties that could cause actual results or events to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results or events to differ materially from those contained in the forward-looking statements include, without limitation: risks related to foreign operations, especially in areas of active conflicts and in emerging regions; the costs and availability of raw materials, energy and transportation; the effectiveness of Grace's research and development and growth investments; acquisitions and divestitures of assets and businesses; developments affecting Grace’s outstanding indebtedness; developments affecting Grace's pension obligations; legacy matters (including product, environmental, and other legacy liabilities) relating to past activities of Grace; its legal and environmental proceedings; environmental compliance costs (including existing and potential laws and regulations pertaining to climate change); the inability to establish or maintain certain business relationships; the inability to hire or retain key personnel; natural disasters such as storms and floods; fires and force majeure events; the economics of our customers’ industries, including the petroleum refining industry; public health and safety concerns, including pandemics and quarantines; changes in tax laws and regulations; international trade disputes, tariffs, and sanctions; the potential effects of cyberattacks; and those additional factors set forth in Grace's most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission and are readily available on the internet at www.sec.gov. Grace's reported results should not be considered as an indication of its future performance. Readers are cautioned not to place undue reliance on Grace's projections and forward-looking statements, which speak only as of the dates those projections and statements are made. Grace undertakes no obligation to release publicly any revisions to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.
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