From the Department of Bitter Irony
W.R. Grace Gets Philanthropy Award
W.R. Grace & Co. is winning on Wall Street and in Maryland, after leaving Montana in the dust.By Amy Linn, 10-26-09
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W.R. Grace & Co. won a 2009 “Philanthropist of the Year” award today in a ceremony that managed not to mention the words “asbestosis,” “mesothelioma” or “Libby, Montana.” The Baltimore Business Journal reported that the Columbia, Maryland-based Grace snagged the award because it donated at least $1 million last year, “of which about 40 percent went to Maryland nonprofits.” The asbestos and chemical company giant also “encouraged employees to donate more than 1,250 hours of their time,” the story said. The annual award is given by the Maryland chapter of the Association of Fundraising Professionals.
This isn’t the only happy news that’s come to Grace of late. According to Bloomberg reporter Jack Kaskey, the company expects a $400 million gain when it exits bankruptcy protection, which it’s expected to do in 2010. The company filed for bankruptcy in 2001, declaring that it was drowning in a sea of more than 100,000 asbestos claims.
This year, however, the tide changed. The company and its senior executives were acquitted of all charges in a criminal trial in which it was accused of violating the Clean Air Act and obstruction of justice. The charges stemmed from operations at the Grace mine in Libby, Montana, where workers and everyday citizens were exposed to asbestos-laced vermiculite. Thousands have been sickened and hundreds have died from asbestos-related diseases.
Since the acquittal, Grace’s stock price has soared, nearly quadrupling this year.
According to Bloomberg, the company will pay about $1.5 billion cash to settle claims of harm from its asbestos products when it emerges from bankruptcy.
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