US chemical giant, Dow Chemical, is selling its polypropylene licensing and catalyst operation to WR Grace for $500m (€368.9m). The deal is part of a planned divestment process.

 

“Today’s announcement is another clear demonstration of Dow’s rigorous focus on selectively shifting our portfolio away from assets that are no longer a strategic fit and optimising their value,” said Andrew Liveris, Dow’s chairman and chief executive.

 

“Our accelerated strategy is focused on narrowing our market participation and preferentially funding our select growth businesses with strong competitive positions in attractive markets such as electronics, water, packaging and agricultural sciences.

 

"We are planning further proactive divestments in the next 12 months in our relentless pursuit of rewarding shareholders.”

 

The move will see some 90 staff transfer to the new owner.