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W. R. Grace & Co. (NYSE:GRA) has announced an agreement with Engro Corporation to utilize its UNIPOL® PP Process Technology for a new 750KTA PDH-PP plant in Karachi, Pakistan. This initiative aims to meet local polypropylene demand and reduce reliance on imports, which cost Pakistan around USD 600 million annually. Engro’s complex signifies a key development in the country’s petrochemical landscape and underscores Grace’s leadership in polyolefin technology. The UNIPOL® process offers cost-effective, efficient solutions, positioning Engro for significant growth.
W. R. Grace & Co. (GRA) reported Q1 2021 net sales of $456.7 million, a year-over-year increase of 8.4% despite a $13 million negative impact from weather disruptions. Net income rose 62.9% to $68.4 million, driven by pension curtailment gains. Diluted EPS was $1.03, a 63.5% increase. Weather-related costs of $15 million are anticipated, with $8.5 million incurred in Q1. The company announced plans to be acquired by Standard Industries for $7 billion and a strategic acquisition to enhance its pharmaceutical business.
W. R. Grace & Co. (NYSE: GRA) has reached a definitive agreement with Standard Industries Holdings Inc. for an all-cash acquisition valued at approximately $7.0 billion. Grace shareholders are set to receive $70 per share, reflecting a 59% premium over the last closing price before the proposal. The transaction, approved unanimously by Grace's Board, is expected to close in Q4 2021, pending shareholder and regulatory approvals. Grace will operate as a standalone entity within Standard Industries post-acquisition.
W. R. Grace & Co. (NYSE:GRA) has licensed its UNIPOL® PP Process Technology and UNIPOL UNIPPAC® Process Control Software to Sinochem Hongrun in Qingzhou, China. This facility, expected to start in 2022, will produce 450,000 tons per annum of polypropylene, increasing the total licensed volume of UNIPOL® PP technology to over 27 million tons. Grace's technology is noted for its operational simplicity and cost-effectiveness, enabling Sinochem to meet the rising demand for complex polypropylene products in China.
The parties involved in the announcement, W. R. Grace & Co. (NYSE: GRA) and 40 North Management LLC, have agreed to extend the nomination deadline for director candidates for Grace's Board of Directors for the 2021 Annual Meeting from April 15 to April 26, 2021. Discussions regarding a potential transaction are ongoing, although no assurance of a deal has been provided. The final outcome will be addressed after the new nomination deadline.
W. R. Grace & Co. (NYSE:GRA) has signed a licensing agreement for its UNIPOL® PP Process Technology with Enter Engineering for a new Gas Chemical Complex in Uzbekistan's Bukhara region. The facility is set to launch by 2025, featuring a reactor line capable of producing 257KTA of polypropylene. This partnership enhances Grace's market position in polyolefin technologies and supports the development of the local polymer industry. The UNIPOL® technology promises operational efficiency and cost-effectiveness, backed by Grace's expert support.
W. R. Grace & Co. (NYSE: GRA) acknowledged receipt of a letter from 40 North Management LLC on April 1, 2021. The company’s board indicated it will review the contents carefully. Grace has requested additional customary information regarding debt and equity financing commitments to continue its review process. The letter also reiterates the availability of their legal and financial advisors for discussions. Grace, a global specialty chemical leader, operates in over 60 countries, employing around 4,000 people, with significant segments in Catalysts and Materials Technologies.
40 North Management LLC has increased its cash offer for W.R. Grace & Co (NYSE: GRA) to $70 per share, representing a 74% premium over the company's closing share price on October 13, 2020. Following a due diligence review, 40 North believes this offer fully values the company. The proposal is not contingent on financing and only requires confirmatory diligence and definitive documentation. 40 North aims for a swift transaction, emphasizing that Grace's full potential is best realized outside public markets.
W. R. Grace & Co. (NYSE: GRA) reports on the impact of Winter Storm Uri, which caused significant manufacturing disruptions in Texas and Louisiana. The company experienced extended downtime at three of its four facilities, with operations resuming thereafter. Despite the storm's effects, Grace expects first quarter 2021 sales growth to be at the high end of its previous guidance due to strong demand, with projected Adjusted EPS between $0.72 and $0.74, slightly below earlier estimates. The management prioritizes safety and recovery of operations.
