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
Eastman Chemical Co. (Kingsport, Tenn.) announced it has acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.
BASF and Israeli packager StePac have joined forces to create the “next generation” of fresh produce packaging. BASF will provide StePac with greater flexibility to advance contact-sensitive packaging formats to a higher sustainability standard by supplying StePac with Ultramid Ccycled – a chemically recycled polyamide 6.
TotalEnergies’ biorefinery in La Mède, France, allows direct access to renewable feedstock for its drop-in RE:newable polymer range derived from bio-based products. The company claims these polymers retain virgin-like properties.