W.R. Grace & Co.NYSE
W.R. Grace: Post-Reorg Security With Spin-Off Potential
Oct. 11, 2013, 8:15 AM
- Dow Chemical (DOW) agrees to sell its global polypropylene licensing and catalysts business to W. R. Grace (GRA) for $500M.
- Dow says the move is part of an accelerated strategy of narrowing its focus in the electronics, water, packaging and agricultural sciences markets.
- Dow expects to report a gain on the sale, and net proceeds will be directed toward remunerating shareholders, debt reduction and funding growth.
- Dow -5.9%, GRA +1.1% premarket.