Columbia-based W. R. Grace & Co. announced the completion of its acquisition of the Fine Chemistry Services (FCS) business of Albemarle Corp. for approximately $570 million, including $300 million paid in cash and $270 million funded through the issuance to Albemarle of non-participating preferred equity of a newly created Grace subsidiary.

“This investment represents an important step forward in Grace’s growth strategy. FCS brings compelling innovation and manufacturing capabilities to our Materials Technologies business, enabling us to better serve our customers with high-value solutions that span every stage of their development cycle,” said Grace President and CEO Hudson La Force. “We are thrilled to welcome the FCS team to Grace and look forward to leveraging their deep expertise to strengthen and expand our fast-growing pharma portfolio.

Pharma & Consumer is the largest, fastest-growing and most profitable sub-segment within Grace’s Materials Technologies business. FCS adds a comprehensive portfolio of high-value products and services with highly complementary analytical, regulatory and manufacturing capabilities to Grace’s existing pharma portfolio focused on chromatographic resins, formulation excipients and drug delivery, pharmaceutical intermediates and active pharmaceutical ingredients.