The business includes customer contracts, licenses, inventory and Dow’s polypropylene-catalyst plant in Norco, Louisiana, it said today in a statement.
The deal will close by the year-end, subject to regulatory approvals, Columbia, Maryland-based Grace said in a separate statement. Grace, which has has been in Chapter 11 bankruptcy protection since April 2001, was advised on the deal by Blackstone Advisory Partners LP.
Dow, the largest U.S. chemicals company, announced its intention to sell the unit in March as part of a plan to divest almost $1.5 billion of assets and focus on its most profitable operations.
“We are planning further proactive divestments in the next 12 months,” Midland, Michigan-based Dow’s Chairman and Chief Executive Officer Andrew Liveris said today in his company’s statement.
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