The separation occurred by means of a pro rata distribution to Grace stockholders of all of the outstanding shares of GCP common stock. One share of GCP common stock was distributed for each share of Grace common stock held as of the close of business on Jan. 27, 2016. No fractional shares were distributed.
Moving forward, Grace will continue to own and operate the company’s existing Catalysts Technologies and Materials Technologies operating segments, except for the Darex Packaging Technologies business.
“We are as confident as ever that the separation will create value for our shareholders and sharpen our strategic focus on our customers,” said Fred Festa, Grace chairman and CEO. “I’d like to extend congratulations to GCP Applied Technologies and wish them every success as an independent company.”