W.R. Grace & Co., a U.S. chemical producer that spent almost 13 years in Chapter 11 bankruptcy, plans to separate into two companies. The shares rose the most in five years.

One of the new companies will comprise Grace’s catalysts- technologies and materials-technologies businesses and be led by current Chairman and Chief Executive Officer Fred Festa, the company said Thursday in a statement. The other will contain the construction-products and packaging units and be led by Grace Chief Operating Officer Greg Poling.

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