W. R. Grace (GRA) will split into two companies

W. R. Grace (GRA) announced that it has approved a plan to separate into two independent, publicly traded companies. The two companies, to be named prior to closing, will be “New Grace,” comprised of Grace’s Catalysts Technologies and Materials Technologies business segments (excluding the Darex packaging business), and “New GCP,” comprised of Grace’s Construction Products business segment and the Darex packaging business. The separation transaction is intended to be a tax-free spin-off to Grace shareholders for U.S. federal income tax purposes, and is expected to be completed in approximately 12 months. Source