W.R. Grace & Co. (NYSE: GRA) is buying the unipol polypropylene licensing and catalysts business of the Dow Chemical Co. (NYSE: DOW) for $500 million.

The business provides unipol polypropylene process technology, including software and systems. The deal should allow W.R. Grace to expand its catalyst business, especially the technology portion of group.

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

The deal is expected to close by the end of the year and follows another chemical deal by Chemtura Corp. (NYSE: CHMT). 

Blackstone Advisory Partners LP advised W.R. Grace on the deal. 

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