The Dow Chemical Co. said Friday it completed the sale of its polypropylene business to Brazil's Braskem S.A.

The deal was announced in July, when Braskem said it agreed to pay $323 million.

Dow said the sale would reduce debt and free up capital for faster growing, more profitable businesses.

Polypropylene is a resin that can be molded into plastic products and spun into fiber.

The sale includes two polypropylene factories in Texas and two in Germany with a total annual production capacity of more than 1 million tons.

Dow shares fell $1.28, or 5.4 percent, to close at $22.46 but rose 10 cents after hours.

Braskem shares dropped 60 cents, or 3.7 percent, to $15.62 and fell another 7 cents after hours.