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
We are closing the chapter of the Chemicals Import Export Headquarters, and opening a new chapter under the name of Qemetica – a chemical group driving many industries on all continents. Therefore, the change of name is also accompanied by the adoption of the key goals of the business strategy for the next 6 years. – says Kamil Majczak, President of the Management Board.
In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded tires. In the processing run, Neste produced high-quality raw material for new plastics and chemicals.
Sika is opening a state-of-the-art facility in Lima, Peru, to produce synthetic macro fibers, and expanding the rollout of a product range with great growth potential in Latin America. With this innovative technology, Sika is further strengthening its position as a leading supplier to the mining industry and a strong partner for infrastructure projects.
