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Weekly Update: Chemical Companies, Week Ended September 22, 2017

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Part 6
Weekly Update: Chemical Companies, Week Ended September 22, 2017 PART 6 OF 14

W.R. Grace Wins New Contract with UNIPOL PP Process Technology

W.R. Grace’s new contract

On September 20, 2017, W.R. Grace (GRA) announced that it has been awarded a contract to supply its UNIPOL PP Process Technology and services to Ningxia Baofeng Energy Group for a new facility in Ningxia, China, to produce methanol to olefin. GRA didn’t disclose the financial aspects of the deal.

W.R. Grace Wins New Contract with UNIPOL PP Process Technology

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The new line has the capacity to produce 300 kilotons of homopolymer, random copolymers, and impact copolymers per year. It’s GRA’s 22nd UNIPOL PP Process Technology reactor license in China, taking the total capacity to 7,000 kilotons per year.

Al Beninati, president of GRA’s Specialty Catalysts segment, said, “Grace is very pleased to be the PP process technology of choice for Ningxia Baofeng’s new MTO operation. Combined with our non-phthalate CONSISTA catalysts, the state-of-the-art system will enable Ningxia Baofeng to provide a wide portfolio of quality products to their customers.”

Looking at GRA’s stock movement last week

GRA stock made small gains of 0.40% and closed at $73.05 on September 22, 2017. It underperformed the iShares US Basic Materials (IYM), which rose 1.1% for the same period. GRA’s gain resulted in the stock trading 3.6% above the 100-day moving average price of $70.54. On a year-to-date basis, GRA has risen 8.0%. However, analysts project a further upside for GRA and have recommended a target price of $82.17, which implies a return potential of 12.5% from the closing price on September 22.

IYM also provides exposure to DowDupont (DWDP), Monsanto (MON), and Praxair (PX) with weights of 24.7%, 7.9%, and 6.0%, respectively, as of September 22, 2017.

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