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Grace Emerges from Chapter 11
2014-02-03 23:51:00| W.R. Grace & Co.
COLUMBIA, Md.--(BUSINESS WIRE)--W. R. Grace & Co. (NYSE: GRA) announced that its Joint Plan of Reorganization became effective today, marking the companys emergence from Chapter 11. The Joint Plan establishes two independent trusts to compensate asbestos personal injury claimants and property owners. The trusts will be funded with more than $4 billion from a variety of sources including cash, warrants to purchase Grace common stock, deferred payment obligations, insurance proceeds, and payments from former affiliates. All allowed claims of non-asbestos creditors will be paid in full. On April 2, 2001, Grace voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to resolve its asbestos-related liabilities. About Grace Grace is a leading global supplier of catalysts; engineered and packaging materials; and, specialty construction chemicals and building materials. The companys three industry-leading business segmentsGrace Catalysts Technologies, Grace Materials Technologies and Grace Construction Productsprovide innovative products, technologies and services that enhance the quality of life. Grace employs approximately 6,500 people in over 40 countries and had 2012 net sales of $3.2 billion. More information about Grace is available at www.grace.com. This announcement contains forward-looking statements, that is, information related to future, not past, events. Such statements generally include the words believes, plans, intends, targets, will, expects, suggests, anticipates, outlook, continues or similar expressions. Forward-looking statements include, without limitation, all statements regarding Graces Chapter 11 case; expected financial positions; results of operations; cash flows; financing plans; business strategy; budgets; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost reduction initiatives, plans and objectives; and markets for securities. For these statements, Grace claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Like other businesses, Grace is subject to risks and uncertainties that could cause its actual results to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements include, without limitation: developments affecting Graces bankruptcy, propose plan of reorganization and settlements with certain creditors, the cost and availability of raw materials (including rare earth) and energy, developments affecting Graces underfunded and unfunded pension obligations, risks related to foreign operations, especially in emerging region, acquisitions and divestitures of assets and gains and losses from dispositions or impairments, the effectiveness of its research and development and growth investments, its legal and environmental proceedings, costs of compliance with environmental regulation and those factors set forth in Graces most recent Annual Report on Form 10-K, quarterly report on Form 10-Q and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission and are readily available on the Internet at www.sec.gov. Reported results should not be considered as an indication of future performance. Readers are cautioned not to place undue reliance on Graces projections and forward-looking statements, which speak only as the date thereof. Grace undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.
For W.R. Grace & Co., a long road out of bankruptcy court
2014-02-01 02:18:44| Chemicals - Topix.net
The W. R. Grace & Co. manufacturing site in Baltimore, Maryland produces products found in a variety of everyday items, ranging from toothpaste to gasoline to bottles and cans.
Grace Names Keith N. Cole, Vice President Government Relations and EHS
2014-01-17 14:15:00| W.R. Grace & Co.
COLUMBIA, Md.--(BUSINESS WIRE)--W. R. Grace & Co. (NYSE: GRA) announced today the appointment of Keith N. Cole as Vice President, Government Relations and Environment, Health, and Safety. Cole will be responsible for Graces EHS and public affairs activities worldwide. He will report to Chairman and Chief Executive Officer Fred Festa and be located at the companys global headquarters in Columbia, MD. Since 2002, Cole has held leadership positions in government relations and public policy for General Motors Corporation, including assignments in Shanghai and Washington, D.C. Prior to 2002, Cole was a partner in two Washington law firms that provided counsel and lobbying services in environmental, energy, utility, and business matters. Prior to his lobbying experience, he served as Counsel to the U.S. Senate, Small Business Committee; and Minority Counsel, U.S. House of Representatives, Energy and Commerce Committee. Cole earned his Juris Doctor at the University of Virginia School of Law, and his bachelors degree in Mechanical Engineering and Material Science from Duke University. Keith brings knowledge and experience extremely well suited to our global specialty chemical business, said Fred Festa. This appointment reflects the central importance of environment, health, and safety across our business, as well as our commitment to the communities where we operate. About Grace Grace is a leading global supplier of catalysts; engineered and packaging materials; and, specialty construction chemicals and building materials. The companys three industry-leading business segmentsGrace Catalysts Technologies, Grace Materials Technologies and Grace Construction Productsprovide innovative products, technologies and services that enhance the quality of life. Grace employs approximately 6,500 people in over 40 countries and had 2012 net sales of $3.2 billion. More information about Grace is available at www.grace.com. This announcement contains forward-looking statements, that is, information related to future, not past, events. Such statements generally include the words believes, plans, intends, targets, will, expects, suggests, anticipates, outlook, continues or similar expressions. Forward-looking statements include, without limitation, all statements regarding Graces Chapter 11 case; expected financial positions; results of operations; cash flows; financing plans; business strategy; budgets; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost reduction initiatives, plans and objectives; and markets for securities. For these statements, Grace claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Like other businesses, Grace is subject to risks and uncertainties that could cause its actual results to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements include, without limitation: developments affecting Graces bankruptcy, propose plan of reorganization and settlements with certain creditors, the cost and availability of raw materials (including rare earth) and energy, developments affecting Graces underfunded and unfunded pension obligations, risks related to foreign operations, especially in emerging region, acquisitions and divestitures of assets and gains and losses from dispositions or impairments, the effectiveness of its research and development and growth investments, its legal and environmental proceedings, costs of compliance with environmental regulation and those factors set forth in Graces most recent Annual Report on Form 10-K, quarterly report on Form 10-Q and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission and are readily available on the Internet at www.sec.gov. Reported results should not be considered as an indication of future performance. Readers are cautioned not to place undue reliance on Graces projections and forward-looking statements, which speak only as the date thereof. Grace undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.
Tags: government
names
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Grace Announces Release Date for Fourth Quarter 2013 Results
2014-01-16 14:00:00| W.R. Grace & Co.
COLUMBIA, Md.--(BUSINESS WIRE)--W. R. Grace & Co. (NYSE: GRA) announced today that it will release its fourth quarter 2013 financial results at 6:00 a.m. ET on Wednesday, February 5, 2014. A company-hosted conference call and webcast will follow at 11:00 a.m. ET that day. During the call, Fred Festa, Chairman and Chief Executive Officer, and Hudson La Force, Senior Vice President and Chief Financial Officer, will discuss the fourth quarter results and provide the companys outlook and assumptions for 2014 earnings. A question and answer session with analysts will follow the prepared remarks. Access to the live webcast and the accompanying slides will be available through the Investor Information section of the companys web site, www.grace.com. Those without access to the Internet can participate by dialing +1 866.953.6860 (U.S.) or +1 617.399.3484 (International). The participant passcode is 75915576. Investors are advised to dial into the call at least ten minutes early in order to register. An audio replay will be available at 3:00 p.m. ET on February 5. The replay will be accessible by dialing +1 888.286.8010 (U.S.) or +1 617.801.6888 (International) and entering the participant passcode 55810497. The replay will be available for one week. About Grace Grace is a leading global supplier of catalysts; engineered and packaging materials; and, specialty construction chemicals and building materials. The company's three industry-leading business segmentsGrace Catalysts Technologies, Grace Materials Technologies and Grace Construction Productsprovide innovative products, technologies and services that enhance the quality of life. Grace employs approximately 6,500 people in over 40 countries and had 2012 net sales of $3.2 billion. More information about Grace is available at www.grace.com. This announcement contains forward-looking statements, that is, information related to future, not past, events. Such statements generally include the words believes, plans, intends, targets, will, expects, suggests, anticipates, outlook, continues or similar expressions. Forward-looking statements include, without limitation, all statements regarding Grace's Chapter 11 case; expected financial positions; results of operations; cash flows; financing plans; business strategy; budgets; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost reduction initiatives, plans and objectives; and markets for securities. For these statements, Grace claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Like other businesses, Grace is subject to risks and uncertainties that could cause its actual results to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements include, without limitation: developments affecting Grace's bankruptcy, propose plan of reorganization and settlements with certain creditors, the cost and availability of raw materials (including rare earth) and energy, developments affecting Grace's underfunded and unfunded pension obligations, risks related to foreign operations, especially in emerging region, acquisitions and divestitures of assets and gains and losses from dispositions or impairments, the effectiveness of its research and development and growth investments, its legal and environmental proceedings, costs of compliance with environmental regulation and those factors set forth in Grace's most recent Annual Report on Form 10-K, quarterly report on Form 10-Q and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission and are readily available on the Internet at www.sec.gov. Reported results should not be considered as an indication of future performance. Readers are cautioned not to place undue reliance on Grace's projections and forward-looking statements, which speak only as the date thereof. Grace undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.
Tags: date
results
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fourth
W.R. Grace settles last remaining appeal to help exit bankruptcy
2013-12-24 08:55:59| Chemicals - Topix.net
W.R. Grace & Co said it has settled the only remaining appeal for its Chapter 11 plan with a group of bank lenders, paving the way for the U.S. chemicals maker to emerge out of bankruptcy protection after 12 years.
Tags: remaining
exit
grace
appeal
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