W. R. Grace & Co. (GRA) announced that it completed the sale of a 5% interest in Advanced Refining Technologies LLC, a joint venture with Chevron Products Co, on November 30, 2009. As a result of the transaction, Grace expects to record a gain of approximately $5 million.
Grace has reduced its 55% interest to 50% to achieve a balanced ownership structure. Grace and Chevron have also amended certain agreements governing Grace's supply of catalyst to the joint venture and the related funding of capital spending in support of the joint venture.
Grace intends to deconsolidate Advanced Refining Technologies' results of operations, cash flows and financial position from its consolidated financial statements on a prospective basis effective December 1, 2009.
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