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US speciality chemicals producer WR Grace raised its earnings predictions for 2011

July 27/2011

(ICIS) -- US speciality chemicals producer WR Grace raised its earnings predictions for 2011 on Tuesday as the company mulled an end to more than a decade of bankruptcy proceedings. The company expects to record earnings before interest and tax (EBIT) of USD 465m480m (EUR 326m336m) in 2011, it said in its second-quarter earnings report, released on Tuesday. This marks a significant increase from the USD 365385m it forecast in an earlier outlook for 2011, published in February.


The company wants to exit Chapter 11 bankruptcy proceedings as quickly as practicable after making a presentation to the Bankruptcy Court for the District of Delaware on 2829 June, according to the report. Grace filed to reorganise under US bankruptcy laws in April 2001 because of concerns over thousands of asbestos-related legal claims filed against the firm.


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