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GRACE COMPLETES SALE OF NON-CORE BUSINESSES-- BAKER & TAYLOR BOOKS, BAKER & TAYLOR VIDEO, SOFTKAT

 GRACE COMPLETES SALE OF NON-CORE BUSINESSES--
 BAKER & TAYLOR BOOKS, BAKER & TAYLOR VIDEO, SOFTKAT
 BOCA RATON, Fla., March 23 /PRNewswire -- W. R. Grace & Co. (NYSE: GRA) today announced it has completed the sale of its Baker & Taylor Books, Baker & Taylor Video and SoftKat divisions to a new company formed by The Carlyle Group, a private merchant bank based in Washington, D.C., together with members of Baker & Taylor management, who will continue with the divested units. Terms of the transaction were not disclosed.
 J. Peter Grace, chairman and chief executive of W. R. Grace & Co., said, "For more than 20 years, Baker & Taylor has been a profitable part of Grace. As part of our recently developed worldwide business plan, however, we have decided to focus on six strategic core businesses and technologies and reduce debt. In line with this plan, Baker & Taylor and other non-core endeavors are being divested in order to accomplish our long-term strategic objectives." Late in 1991, Grace announced that it would focus its business on specialty chemicals and materials and health care.
 The divested business, now called Baker & Taylor, Inc., comprises one of the leading education and entertainment information services companies in the world -- with more than $750 million in revenues. Gerald G. Garbacz, formerly a Grace executive vice president and head of Grace Specialty Businesses, will serve as Baker & Taylor's president and chief executive officer and president of Baker & Taylor Books. The management team of the new company will also include Jacqueline L. Cochran, president of SoftKat and James B. Warburton, president of Baker & Taylor Video.
 The businesses distribute books, videotapes, audio products, computer software and value-added services to more than 100,000 academic, public and school libraries and retail customers worldwide from a network of 21 facilities.
 Grace is the world's largest specialty chemicals company with a leadership position in health care.
 -0- 3/23/92
 /CONTACT: Chuck Suits of W. R. Grace, 407-362-2600 or 800-GRACE99/
 (GRA) CO: W. R. Grace & Co.; Baker & Taylor Books; Baker & Taylor Video;
 SoftKat; The Carlyle Group ST: Florida; District of Columbia IN: ENT FIN SU: TNM


AW-JJ -- FL001 -- 0464 03/23/92 10:03 EST
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Publication:PR Newswire
Date:Mar 23, 1992
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