Chemical maker W.R. Grace & Co., which is operating under Chapter 11 bankruptcy protection, wants to make an acquisition that would "significantly" bolster its business, according to a court filing.

The company's board of directors started investigating a "highly confidential potential strategic transaction" last month. It is now asking the U.S. Bankruptcy Court to seal any information related to who the seller may be.

"The board determined in its business judgment that this proposed transaction would significantly enhance Grace's business plan and growth strategy in coming years," the company said in the filing.

Grace makes specialty chemicals used in catalytic converters and construction products. Its stock has jumped 76 percent in the past year largely due to strong emerging market sales.

Given W.R. Grace's recent strong results and stock appreciation, it's not immediately clear why the company needs to alter its business model.

A W.R. Grace spokesman declined to elaborate on the filing. Grace bought RS Solutions LLC, which makes materials for the concrete industry, last December for an undisclosed amount.

Columbia, Maryland-based W.R. Grace will ask a U.S. District Court judge on June 28 to approve its exit from bankruptcy protection.