GCP Applied Technologies to pursue standalone strategic plan
The Board of Directors of GCP Applied Technologies issued an open letter to GCP shareholders regarding the conclusion of its previously announced strategic review process. The full text of the letter follows: "Dear Fellow Shareholders: During the course of the last four months, the Board, together with its outside financial advisor, conducted a comprehensive strategic review with the goal of enhancing value for our shareholders. This review, announced in February, included an evaluation of a range of strategic, financial and operational alternatives, including a potential sale of the company, strategic business combinations, potential separation alternatives and enhancements to our existing strategic plan. We performed this review against a backdrop of ongoing change in our industry, where technology, innovation and consolidation continue to impact sector dynamics. Over the course of this review process, the company contacted and engaged with both strategic industry players and private equity investors. However, this process did not result in a transaction that would provide adequate value to our shareholders. Accordingly, the Board has determined that the best opportunity to enhance shareholder value is to pursue the company's standalone strategic and financial plan. The Board, however, will continue to evaluate opportunities to drive value for GCP shareholders as our industry continues to evolve. We appreciate the support of our shareholders, and look forward to continuing to provide updates on our progress."