A New York building materials company said Wednesday that it has completed its $4.6 billion acquisition of W.R. Grace & Co., a Columbia-based specialty chemicals giant.
Standard Industries Holdings announced the all-cash, $70-a-share deal for W.R. Grace in April and Grace’s shareholders approved the sale at a meeting Friday.
W.R. Grace is becoming a privately held, stand-alone company within Standard’s portfolio, which includes businesses such as GAF, BMI Group, Schiedel, Siplast, SGI and GAF Energy. Grace’s common stock will no longer be listed on the New York Stock Exchange.
Grace’s headquarters will remain in Columbia, where it employs about 600 people. The company, which has about 4,300 workers in total, also employs about 550 more workers at a plant in Curtis Bay, which makes catalysts and silicas used to produce fuel, plastics, food, beverages, coatings and pharmaceuticals.
“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,” said Hudson La Force, Grace’s president and CEO, in a statement. “We’re very pleased to have successfully completed this transaction and delivered significant value to our shareholders.”
Earlier this month, Standard appointed Bhavesh V. (Bob) Patel, CEO of Dutch chemical company LyondellBasell, to become Grace’s new CEO starting in January. LaForce will serve as CEO until then and join Standard’s advisory board.
Grace had rejected an initial unsolicited bid from Standard of $60 per share last year. Standard raised its offer in January to $65 per share, or $4.3 billion, before raising its offer a final time to $70 a share in April.
“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,” said David Millstone and David Winter, the co-CEOs of Standard Industries.
Baltimore Sun reporter Lorraine Mirabella contributed to this report.