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News Breaks
January 24, 2013
18:03 EDTGRAW.R. Grace to record $365M pre-tax charge in Q4
W.R. Grace & Co. said it will record a smaller-than-expected $365M pre-tax charge in the Q4 related to the specialty chemical company's increased asbestos-related liability. The company said the charge is lower than its November estimates of $375M-$475M and it will have no impact on adjusted earnings. The company is looking to emerge from a bankruptcy process that began in 2001, driven by fear of an onslaught of claims for injuries due to W.R. Grace-made asbestos projects. W.R. Grace said Thursday it is adjusting its recorded asbestos-related liability to $2.07B-$1.7B. The company has noted that the adjustment is necessary to reflect increased estimates of the settlement values of the warrant and deferred payment obligation payable to the asbestos personal injury trust under Grace's reorganization plan. W.R. Grace currently estimates the warrant's value to be $490M, the maximum value under the company's settlement agreement with the asbestos trust. The settlement was approved by the bankruptcy court last month. It estimates the deferred payment obligation's value to be $547 million. The company said the increase in estimated value reflects its improved borrowing costs and expected timing of bankruptcy emergence.
News For GRA From The Last 14 Days
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November 20, 2014
07:10 EDTGRAW.R. Grace buys out Turkey construction products JV partner
W. R. Grace & Co. has entered into definitive agreements to acquire the remaining 50% equity interest in the joint venture it formed in 1996 with STFA Yatırım Holding A.S., one of Turkey’s most established and reputable conglomerates providing services in construction, natural gas distribution, construction equipment, and construction chemicals. With the agreement, STFA will sell its 50% stake in Grace Yapı Kimyasalları to Construction Products Dubai, a Grace subsidiary. The business, located in Istanbul, Turkey, provides cement additives, concrete admixtures, and building envelope products in Turkey and the surrounding region. The transaction is pending Turkish regulatory approval and is expected to close by the end of the year. Terms were not disclosed.
November 12, 2014
12:10 EDTGRAW.R. Grace initiated with a Buy at Tigress Financial
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