Standard Industries Holdings, a privately-held global industrial company, has completed its acquisition of Columbia-based W. R. Grace & Co. for $70 per share in cash.
“We are thrilled to welcome Grace to the Standard Industries family,” said David Millstone and David Winter, co-CEOs of Standard Industries. “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.”
“Today marks an exciting new chapter for Grace,” said Grace President and CEO Hudson La Force. “As part of Standard Industries, Grace will be even better positioned to provide innovative and sustainable technologies to create value for our customers. We’re very pleased to have successfully completed this transaction and delivered significant value to our shareholders.”
As Standard Industries announced on Aug. 31, La Force will continue as CEO until the end of the year, when he will join Standard’s advisory board. Bhavesh (Bob) Patel, who currently serves as CEO of LyondellBasell, will succeed La Force as CEO of Grace in January 2022.
The transaction was announced on April 26, and received approval from Grace shareholders on Sept. 17. As a result of the transaction completion, Grace is now a privately held company that will operate as a standalone company within Standard Industries, which also includes the industry leading businesses GAF, BMI, GAF Energy, Siplast, Schiedel and SGI.