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Dow Chemical Divests its Polypropylene Division for $500 Million

The Dow Chemical Company (NYSE:DOW) has reached an agreement with W.R. Grace & Co. (NYSE:GRA) to acquire its global polypropylene licensing and catalysts business for $500 million. Dow no longer sees the unit as a strategic fit within the company. In addition, Dow is look to put more emphasis growth markets such as agricultural sciences, electronics, and packaging. Proceeds from the sale will be used generate more growth and reduce debt. From the standpoint of Grace, the acquisition will improve the company’s catalysts business and global market share.