W. R. Grace & Co. reported net sales of $456.7 million, up 5.8% on constant currency for Q1 2021 despite the weather-related impact of approximately 3% or $13 million. Sales in all segments returned to year over year growth as the company continues to recover from the pandemic, with materials technologies up 12.0%, specialty catalysts up 8.9%, and refining technologies up 5.5%.

“We are experiencing strong demand in all of our businesses,” said Hudson La Force, Grace’s President and Chief Executive Officer. “Our team delivered a strong start to the year, despite the significant weather impact from Winter Storm Uri. I want to thank our 4,000 employees around the world for achieving this strong performance with their relentless focus on health, safety, and delivering value to our customers.”

Net income of $68.4 million was up 62.9%, and Diluted EPS of $1.03 was up 63.5%, primarily due to pension curtailment-related gains recorded in the quarter as a result of the recently announced salaried pension plan freeze in the U.S.

“The past few months have been strategically important for Grace,” continued La Force. “We concluded our strategic review with an agreement to be acquired by Standard Industries Holdings in an all-cash transaction valued at approximately $7.0 billion. This transaction is expected to close in the fourth quarter of 2021.”

“In addition, we announced an agreement to acquire a fine chemicals business to strengthen and expand our existing fast-growing pharma business. This acquisition is strategically and financially compelling and aligns perfectly with our strategy of building a higher-growth, high-margin portfolio. This transaction is expected to close in the second quarter of 2021. Our integration plan is on track and we have secured financing for the cash portion of the purchase price. Given our track record of successful integrations, I am very confident in our ability to quickly combine this business with our existing pharma business."