Grace Board of Directors Approves Separation of GCP Applied Technologies

W. R. Grace & Co.

today announced that its Board of Directors has approved the previously announced plan to separate Grace's Construction Products segment and Darex Packaging Technologies business from the remaining businesses of Grace to form GCP Applied Technologies Inc. ("GCP" or "GCP Applied Technologies"). The planned separation, which is expected to be generally tax-free to Grace's U.S. shareholders, is expected to be completed on Feb. 3, 2016. "Today's announcement marks another important milestone towards the completion of our business separation, which will create two independent, industry-leading companies," said Fred Festa, Grace Chairman and Chief Executive Officer. "As independent companies, we believe Grace and GCP will benefit from enhanced strategic, operating, financial, and investment flexibility and are poised to generate significant value for our shareholders. We look forward to completing the final steps in this process." GCP Applied Technologies will have customers in more than 110 countries, operations on six continents, and a team of 2,500 employees. Through applied knowledge and service excellence, GCP Applied Technologies will provide premier specialty construction chemicals and specialty building materials for many of the world's most renowned structures,