GRACE EXITS MEXICAN FAST FOOD BUSINESS
GRACE EXITS MEXICAN FAST FOOD BUSINESS BOCA RATON, Fla., April 3 /PRNewswire/ -- W. R. Grace & Co.
(NYSE: GRA) announced today an agreement to sell its Del Taco Restaurants, Inc. properties to PepsiCo, Inc.'s (NYSE: PEP) Taco Bell unit. The transaction involves the staged transfer during 1992 of approximately 100 Del Taco and Taco Villa Mexican fast food locations in the Southeast, primarily in Georgia, and in Texas. The staged closings of the transaction are expected to be completed within nine months.
Grace announced a new worldwide business strategy in 1991, which delineated six core businesses for the company. A Grace spokesman said: "This transaction to divest the Del Taco unit is consistent with the previously announced strategy and will conclude Grace's effort to remove the company from the Mexican restaurant business." In 1986, Grace divested a number of national chains of restaurants in an initial step to reposition the company as a specialty chemicals and health care company. Grace is the world's largest specialty chemicals company with a leadership position in health care. -0- 4/3/92 /CONTACT: Chuck Suits of W.R. Grace & Co., 407-362-2600 or 800-GRACE99/ (GRA) CO: W.R. Grace & Co.; Del Taco Restaurants, Inc.; PepsiCo, Inc.; Taco Bell ST: Florida, Georgia IN: LEI SU: TNM
AW-SS -- FL006 -- 4785 04/03/92 10:55 EST
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|Date:||Apr 3, 1992|
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