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
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.
Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).