Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of chemical maker W.R. Grace & Co. (NYSE:GRA) jumped 13% today after announcing it would split itself into two separate companies.

So what: The two companies will be called "New Grace" and "New GCP" for the time being and include about half of W.R. Grace's business. New Grace will comprise the catalyst and materials technologies businesses, and New GCP will have construction products and Darex packaging.  

Management said the move will give each company a chance to focus on their specific strategies and simplify the corporate structure.

Now what: Whether or not the two companies W.R. Grace is splitting into pay off for investors will become clear over the next few years, but for now, the market loves the move. Investors are going to get shares in each company, and it will take around 12 months for the deal to be completed.

Since there's no fundamental change in what the businesses do, I don't see this pop as something that will last, so I'm not a buyer today. Keep an eye on how operations improve over the next year, because that's where the long-term value will be created.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.