NEW YORK (MarketWatch) -- Dow Chemical Co. (DOW) said Friday it signed a definitive agreement to divest its global polypropylene licensing and catalysts business for $500 million to W. R. Grace & Co. (GRA). The divestment, part of Dow Chemical's plan to divest about $1.5 billion by mid-to-late 2014, should result in a gain, with proceeds going toward remunerating shareholders, reducing debt and funding growth, the company said. Shares of Dow traded lower in premarket trade.
-Saumya Vaishampayan; 415-439-6400; AskNewswires@dowjones.com
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10-11-13 1028ETCopyright (c) 2013 Dow Jones & Company, Inc.
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