W. R. Grace says the previously announced spin off GCP Applied Technologies (GCP), its construction products and packaging sealants and coatings businesses, will be completed on 3 February.
Greg Poling, currently Grace COO, has been designated GCP president and CEO.
Grace shareholders will receive one share of GCP Applied Technologies common stock for every one share of Grace common stock held as of the close of business on 27 January, the record date for the distribution. The distribution of GCP Applied Technologies common stock is expected to occur on 3 February. Grace says that GCP shares are expected to begin “when-issued” trading on 26 January and that common shares are expected to begin “regular-way” trading on 4 February on the New York Stock Exchange under the ticker symbol “GCP”.
GCP had 2014 sales of $1.5 billion and net income of $134.3 million. The construction chemicals segment, including concrete admixtures and cement additives, posted 2014 revenue of $726 million and adjusted Ebitda of 12.5%. The building materials segment. sheet and liquid membrane building envelope products as well as specialized cementitious and chemical grouts, posted 2014 revenue of $379.3 million and adjusted Ebitda of 22.2$. Darex packaging technologies, a maker of can sealants and closures as well as packaging coatings, had 2014 revenues of $374.8 million and adjusted Ebitda margin of 21.2%.
“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,” says Fred Festa, Grace chairman and CEO.
Grace says the GCP is expected to sell $525 million in senior bonds due 2023 and enter a new credit facility that includes a $275-million term loan. Debt proceeds will be used fund a $750 million cash distribution to Grace upon spin off.
By Robert Westervelt
Source: Chemical Week
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?