W.R. Grace announced on Wednesday that it plans to nominate two additional directors at its upcoming shareholder meeting in a deal with the company’s largest shareholder. Henry Slack, Chairman of land management firm Alico, Inc. (Fort Myers, Florida), and Kathleen Reiland, Global Head of Strategy and Development at building materials maker Standard Industries Inc. (Parsippany, New Jersey), will be added to the slate of nominees recommended by the Grace Board for election at the 2019 Annual Meeting. The move expands the company’s board from nine to 11 directors. Slack is a former chairman of nitrogen fertilizers maker Terra Industries.
Grace’s says the decision was made “in collaboration” with 40 North Latitude Master Fund Ltd. (40 North; New York), which owns approximately 14% of Grace outstanding shares. White Tale Holdings, a partnership between 40 North and fellow hedge fund Corvex Management (New York), scuttled a $20-billion merger between Clariant and Huntsman in 2017.
“We have a longstanding relationship with 40 North and appreciate their perspectives as a significant, long-term shareholder,” says Hudson La Force, President and Chief Executive Officer. “Our recent investments to accelerate growth and extend our competitive advantages are producing results, and we look forward to working with Hank and Kathy to continue to deliver value to all shareholders.”
By Rebecca Coons
Source: Chemical Week
The new Hydrogen Technologies business will be headed up by Ralph Calmes, who has been appointed Managing Director Hydrogen Technologies. Ralph, who previously led JM’s Platinum Group Metal Services business, will take up this role effective 1 October with both Eugene McKenna (Green Hydrogen) and Jo Godden (Fuel Cells) reporting directly to him. Ralph will report to Group Chief Executive Robert Macleod.
The Supervisory Board of Lenzing AG, the world’s leading producer of wood-based cellulosic fibers, has come to a mutual agreement with its longstanding Chief Executive Officer Stefan Doboczky to end his contract.
PlasticsEurope says that Europe’s plastics producers support the European Commission’s previously announced proposal for a mandatory EU recycled content target for plastics packaging, as defined in the Commission’s Packaging and Packaging Waste Directive (PPWD). This target should be 30% for plastics packaging by 2030, PlasticsEurope says.