Specialty chemical manufacturer W.R. Grace & Co said it would split into two companies to improve strategic focus, simplify operating structures and make better use of capital.The company, which emerged from one of the longest U.S. bankruptcies in 2013, said on Thursday that the split would take place as a tax-free transaction to shareholders.W. R. Grace said one company, which is likely to have sales of about $1.8 billion, will consist of its businesses that make products used in the refining, petrochemical, personal care and tire and rubber industries. Grace Chairman and Chief Executive Fred Festa will lead this business.The other company will comprise Grace's specialty construction chemicals and specialty building materials unit, and have sales of about $1.5 billion.
W.R. Grace & Co. (Grace) is engaged in the production and sale of specialty chemicals and specialty materials on a global basis. Shares of GRA traded higher by 0.56% or $0.51/share to $91.11. In the past year, the shares have traded as low as $79.06 and as high as $105.05. On average, 613060 shares of GRA exchange hands on a given day and today's volume is recorded at 1024237.
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