W R Grace create new spin off GCP Applied Technologies in Feb

W R Grace to create new spin off GCP Applied Technologies in Feb

10:54 AM, 13th January 2016
W R Grace to create new spin off GCP Applied Technologies in Feb
Fred Festa, chairman and CEO of WR Grace & Co. (File photo)

COLUMBIA, US: WR Grace & Co said that that it’s Board of Directors has approved the previously announced plan to separate Grace’s Construction Products segment and Darex Packaging Technologies business from the remaining businesses of Grace to form GCP Applied Technologies Inc (GCP).

The planned separation, which is expected to be generally tax-free to Grace’s US shareholders, is expected to be completed on Feb 3, 2016.

“This marks another important milestone towards the completion of our business separation, which will create two independent, industry-leading companies,” said Fred Festa, chairman and CEO, Grace. “As independent companies, we believe Grace and GCP will benefit from enhanced strategic, operating, financial, and investment flexibility and are poised to generate significant value for our shareholders.”

GCP Applied Technologies will have customers in more than 110 countries, operations on six continents, and a team of 2,500 employees. Through applied knowledge and service excellence, GCP will provide premier specialty construction chemicals and specialty building materials for many of the world’s most renowned structures, and packaging technologies for the best-known consumer brands.

After the separation, Grace will own and operate the company’s existing Catalysts Technologies and Materials Technologies operating segments, excluding the Darex Packaging Technologies business. Grace expects to continue to be a global leader in process catalysts and specialty silicas, and a high margin, technologically advanced business focused on sales and earnings growth, strong cash flow, and high returns on capital.

In the distribution, Grace shareholders will receive one share of GCP common stock for every one share of Grace common stock held as of the close of business on Jan 2016, the record date for the distribution. The distribution of GCP common stock is expected to occur on 3 Feb.

Beginning on or about 26 Jan, it is expected that “when issued” trading will begin for shares of GCP Applied Technologies common stock on the New York Stock Exchange under the ticker symbol “GCP WI.”

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