The Board of Directors of ACX Technologies, Inc. recently approved the spin off of its subsidiary CoorsTek, Inc. (formerly Coors Ceramics), subject to the receipt of a ruling by the Internal Revenue Service that the transaction as contemplated would be tax free to shareholders. Approval of the transaction as a tax-free spin off was anticipated by December 19. The transaction and the record date for the distribution of shares was contingent upon the receipt of the ruling. Further information regarding the ruling was unavailable at press time.
Joe Coors Jr., 57, will be named president and chief executive officer of CoorsTek after the spin off. The shares would be traded on the Nasdaq Stock Market. After the transaction is complete, ACX Technologies will remain with its sole subsidiary, Graphic Packaging Corporation. Jeff Coors, Joe’s 54-year-old brother, will become chief of ACX and Graphic Packaging Corp.