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Grace Spins Off Construction Unit

Wednesday, February 10, 2016

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Global building chemicals and materials supplier W. R. Grace & Co. has completed a separation into two independent, publicly traded companies: W. R. Grace & Co. and GCP Applied Technologies Inc.

The completion announcement comes one year after Grace first announced its plans to divide.

Grace officials said that the separation will create value for shareholders, sharpen its strategic focus, and simplify operating structures.

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Grace said the separation occurred by means of a pro rata distribution to Grace stockholders of all the outstanding shares of Grace Construction Products common stock.

Founded in 1854, Grace previously operated in three segments: Grace Catalysts Technologies, Grace Materials Technologies and Grace Construction Products.

The Split

Moving forward, Grace will continue to own and operate the company’s existing Catalysts Technologies and Materials Technologies segments, according to the company. The Darex Packaging business will become a part of GCP, however, the company said.

Grace will continue to process catalysts and specialty silicas. The company expects to have sales of approximately $1.8 billion.

The GCP portfolio includes concrete admixtures, fibers, surface treatments, and liquid pigments; additives for cement processing; and fire-protection, waterproofing and masonry products.

Post separation, Grace believes GCP will have sales of approximately $1.5 billion.

On Thursday (Feb. 4), Grace reported that it had named Hudson La Force president and CEO effective immediately. He succeeds the chairman and CEO Fred Festa. Greg Poling leads GCP as president and CEO.

   

Tagged categories: Business matters; Business operations; Coating chemistry; Construction; Construction chemicals; Grace Construction Products; Sealant; Waterproofing

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