W.R. Grace & Co. (NYSE: GRA) has closed a $500 million deal for certain assets from the Dow Chemical Co. (NYSE: DOW).

W.R. Grace bought the polypropylene licensing and catalysts business, which provides process technology, including software and systems.

The buyer expects the deal to expand its catalyst business. The deal was originally announced in October. 

Columbia, Md.-based W.R. Grace supplies catalysts, engineered and packaging materials and specialty construction chemicals. The company has been in bankruptcy since 2001, when it filed because an asbestos leak in a mine caused a deluge of lawsuits against the company.