Chemical and building products maker W.R. Grace & Co (GRA.N) on Monday sought bankruptcy court's permission to destroy all materials pertaining to an unsuccessful bid that it made to acquire certain assets. In June, W.R. Grace, which is operating under Chapter 11 bankruptcy protection, had asked the bankruptcy court's permission to participate in an auction and to seal the would-be seller's identity. "The debtors are requesting destruction of the unredacted acquisition approval order in addition to the filed under seal pleadings so that no materials relating to the proposed acquisition remain in the court's possession," W.R. Grace said in a court filing. Grace filed for bankruptcy protection in April 2001 after being weighed down with asbestos-related claims. Grace makes catalysts used in the chemical and oil refining sectors, as well as construction products. It increased its polypropylene catalyst business last fall with a $17 million takeover of Synthetech.
W.R. Grace & Co. is engaged in the production and sale of specialty chemicals and specialty materials on a global basis. Shares of GRA traded higher by 4.7% or $1.59/share to $35.40. In the past year, the shares have traded as low as $24.14 and as high as $52.50. On average, 1008300 shares of GRA exchange hands on a given day and today's volume is recorded at 1705558.
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