New Industrial Chemical Link

Press, Volume C, Issue 29506, 6 May 1961, Page 15

New Industrial Chemical Link

W. R. Grace and Company, a major United States chemical group with extensive financial transportation and industrial interests, and W. J. Manufacturing Company, Ltd,, of Sydney, manufacturers of industrial laminates and chemicals, have announced that Dewey and Almy Proprietary, Ltd., W. R. Grace and Company’s wholly owned Australian subsidiary, has joined with W J. Manufacturing Company, Ltd., to form a new company to manufacture a range of industrial chemicals at Brookvale, near Sydney. The new company will have an authorised capital of

£500,000 and will occupy land which has already been purchased for the purpose adjacent to W. J. Manufacturing Company’s property. Dewey and Almy Proprietary, Ltd., active in Australia for 25 years, is an operating subsidiary of the overseas chemical division of W. R Grace and Company. The new company will acquire the assets of Waratah Chemicals Proprietary, Ltd., a wholly owned subsidiary of W. J. Manufacturing Company, Ltd. The initial W. R. Grace interests results from a cash subscription. Both W. J. Manufacturing Company and the United States group are expected to benefit materially from the new association. W R. Grace and Company has become a major force in the chemical industry in the Americas, largely through an extensive research programme. Annual expenditures for research within the W. R. Grace and company group now exceed 10 million dollars. Research activities are centred in the new six million dollar Washington Research Centre. It is expected that the results of this long ranger esearch effort will contribute heavily to the success of the new Australian company. Kelvinator. Kelvinator Australia, Ltd., Adelaide, lifted consolidated net profit by £38.147. or 12.2 per cent., to £350,781 for the year ended March 31. The previous year’s profit had risen by £74.513. Latest result is after tax, £353,000 (up £9000). Ordinary dividend is again 15 per cent., including 5 per cent, bonus. It absorbs £151,875.

London Wool Sales.—The Christchurch branch of the Australia and New Zealand Bank has been advised by its London office that although the dock strike has ended it is not possible for the London wool sales to resume on Monday. Further advice will be sent after an importers’ meeting in London on Monday. Personal.— Mr Bernard Zeff, director and general i manager of W. Selby and [Company (Wholesale), Ltd., will leave on May 10 for a business trip covering America, England and Continental countries. He plans to be back in Christchurch at "die end of July.