Standard Industries completes acquisition of Grace
Published by Callum O'Reilly,
Standard Industries Holdings Inc., a privately held global industrial company, has announced the completion of its acquisition of W. R. Grace & Co. for US$70/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 31 August 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 26 April 2021, and received approval from Grace shareholders on 17 September 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 ceased trading on the New York Stock Exchange as of market close on 21 September 2021.
Read the article online at: https://www.hydrocarbonengineering.com/refining/23092021/standard-industries-completes-acquisition-of-grace/
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