02 December 2013 16:16 [Source: ICIS news]
(Adds comments from Dow in paragraphs 7-8)
LONDON (ICIS)--WR Grace on Monday said it has completed the acquisition of fellow US-based producer Dow Chemical's polypropylene (PP) licensing and catalyst business for a cash purchase price of $500m (€370m).
The acquisition includes UNIPOL PP process technology, WR Grace added.
Dow said in October 2013 that the transaction also includes Dow’s PP catalysts manufacturing facility at Norco, Louisiana, along with customer contracts, intellectual property and inventory.
Around 90 employees are expected to cross over to WR Grace through the sale, with the transaction expected to close by the end of 2013.
“The UNIPOL brand and the capabilities it represents are highly respected in the marketplace, and we are committed to strengthening that position,” said Grace chairman and CEO Fred Festa in a statement on Monday.
“We look forward to communicating our expanded capabilities and full portfolio of products and services to our customers and the broader global marketplace.”
A Dow spokesperson said that the sale is part of the US producer's plan to reposition itself "toward targeted and attractive markets".
"Coupling this divestment with the announced carve-out of our global epoxy business, global chlorinated organics business and our chlor-alkali and chlor-vinyl assets in the US Gulf Coast region, we are well down the path of meeting our increased divestiture target of $3bn-4bn in the 12-24-month timeframe," the spokesperson said.
($1 = €0.74)
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