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GRACE COMPLETES SALE OF ST SERVICES

 BOCA RATON, Fla., March 2 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA) today announced the completion of the divestment of Support Terminal Services, Inc. to Kaneb Pipe Line Partners, L.P. (NYSE: KPP) for a cash purchase price of $63 million, plus working capital adjustments.
 Support Terminal Services, Inc., a specialized liquid storage company headquartered in Dallas, is one of five units of Grace Energy Corporation that Grace had previously announced its intention to divest. Kaneb Pipe Line Partners, a limited partnership headquartered in Richardson, Texas, owns a 2,100-mile products pipeline and related terminal operations. Kaneb Pipe Line Company, a subsidiary of Kaneb Services, Inc., is the general partner of Kaneb Pipe Line Partners. Kidder, Peabody & Co. Incorporated acted as the financial advisor to Grace in this transaction.
 Grace is the world's largest specialty chemicals company with a leadership position in health care.
 -0- 3/2/93
 /CONTACT: Chuck Suits of W. R. Grace, 407-362-2600 or 800-GRACE99/
 (GRA KPP)


CO: W. R. Grace & Co.; Support Terminal Services, Inc.; Kaneb Pipe Line
 Partners, L.P. ST: Florida, Texas IN: UTI OIL SU:


JB-AW -- FL005 -- 2106 03/02/93 16:07 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 2, 1993
Words:191
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