Canada markets closed
  • S&P/TSX

    20,928.10
    +108.16 (+0.52%)
     
  • S&P 500

    4,471.37
    +33.11 (+0.75%)
     
  • DOW

    35,294.76
    +382.20 (+1.09%)
     
  • CAD/USD

    0.8086
    +0.0001 (+0.01%)
     
  • CRUDE OIL

    82.66
    +1.35 (+1.66%)
     
  • BTC-CAD

    75,577.88
    +927.63 (+1.24%)
     
  • CMC Crypto 200

    1,464.06
    +57.32 (+4.07%)
     
  • GOLD FUTURES

    1,768.10
    -29.80 (-1.66%)
     
  • RUSSELL 2000

    2,265.65
    -8.52 (-0.37%)
     
  • 10-Yr Bond

    1.5760
    +0.0570 (+3.75%)
     
  • NASDAQ

    14,897.34
    +73.91 (+0.50%)
     
  • VOLATILITY

    16.30
    -0.56 (-3.32%)
     
  • FTSE

    7,234.03
    +26.32 (+0.37%)
     
  • NIKKEI 225

    29,068.63
    +517.70 (+1.81%)
     
  • CAD/EUR

    0.6966
    -0.0001 (-0.01%)
     
LATEST UPDATE:

NO WEEKLY BRIEF NEWSLETTER FOR THE WEEKEND OF OCT. 16-17

Standard Industries Completes Acquisition of Grace

·3 min read

NEW YORK, September 22, 2021--(BUSINESS WIRE)--Standard Industries Holdings Inc., a privately held global industrial company, today announced the completion of its acquisition of W. R. Grace & Co. ("Grace") for $70.00 per share in cash.

"We are thrilled to welcome Grace to the Standard Industries family," said David Millstone and David Winter, Co-CEOs of Standard Industries. "We look forward to working with the talented team at Grace to advance our commitment to sustainable modern industrialism, as well as to fuel innovation and continued success for Grace’s customers, employees and the communities in which the company operates."

Hudson La Force, Grace’s President and Chief Executive Officer, said, "Today marks an exciting new chapter for Grace. As part of Standard Industries, Grace will be even better positioned to provide innovative and sustainable technologies to create value for our customers. We’re very pleased to have successfully completed this transaction and delivered significant value to our shareholders."

As Standard Industries announced on August 31, 2021, La Force will continue as CEO until the end of the year when he will join Standard’s advisory board. Bhavesh V. (Bob) Patel, who currently serves as CEO of LyondellBasell, will succeed La Force as CEO of Grace in January 2022.

The transaction was announced on April 26, 2021, and received approval from Grace shareholders on September 17, 2021. As a result of the transaction completion, Grace is now a privately held company that will operate as a standalone company within Standard Industries, which also includes the industry-leading businesses GAF, BMI, GAF Energy, Siplast, Schiedel, and SGI. Grace’s common stock has ceased trading on the New York Stock Exchange as of market close on September 21, 2021.

Advisors:

Citi and J.P. Morgan served as financial advisors and Sullivan & Cromwell LLP served as legal counsel to Standard Industries Holdings.

Goldman Sachs & Co. LLC and Moelis & Company LLC served as financial advisors and Wachtell, Lipton, Rosen & Katz served as legal counsel to Grace.

About Standard Industries:

Standard Industries is a privately-held global industrial company operating in over 80 countries with over 20,000 employees. The Standard ecosystem spans a broad array of holdings, technologies and investments—including both public and private companies from early to late-stage—as well as world-class building solutions, performance materials and next-generation solar technology. Throughout its 140-year history, Standard has leveraged its deep industry expertise and vision to create outsize value across its businesses, which today include operating companies GAF, BMI, Grace, GAF Energy, Siplast, Schiedel and SGI, as well as related businesses 40 North, a multi-billion-dollar investment platform, 40 North Ventures and Winter Properties. Learn more at standardindustries.com.

About Grace

Built on talent, technology, and trust, Grace is a leading global supplier of catalysts and engineered materials. The company’s two industry-leading business segments—Catalysts Technologies and Materials Technologies—provide innovative products, technologies, and services that enhance the products and processes of our customers around the world. With approximately 4,300 employees, Grace operates and/or sells to customers in over 60 countries. More information about Grace is available at grace.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210922005603/en/

Contacts

Patrick Ryan
Edelman
610-306-7536
Patrick.Ryan@edelman.com

Josh Hochberg
Edelman
Josh.Hochberg@edelman.com

Beth Kseniak
Head of External Communications
917-509-7031
beth.kseniak@standardindustries.com

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting