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GRACE ANNOUNCES AGREEMENT TO SELL ST SERVICES

 BOCA RATON, Fla., Dec. 21 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA) announced today the signing of a definitive agreement to sell Support Terminal Services, Inc. to Kaneb Pipe Line Partners, L.P. for a cash purchase price of $63 million, plus working capital adjustments. Grace expects the transaction to close in January 1993.
 According to J. P. Bolduc, Grace president and chief operating officer, "ST Services is the first of five divestitures we are lining up as Grace exits the energy field in order to focus on its core specialty chemicals and health care businesses. This transaction is just one more step in the implementation of our worldwide strategic business plan announced last year."
 Support Terminal Services, Inc., a specialized liquid storage company headquartered in Dallas, is one of five units of Grace Energy Corporation that Grace announced its intention to divest in July 1992. 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 is acting as the financial advisor to Grace in this transaction.
 In addition to Support Terminal Services, Grace has announced its intention to sell Grace Drilling Company, headquartered in Dallas, which has the largest drilling rig fleet in the world with 168 rigs located in 17 states, including Alaska; New Orleans-based Grace Offshore Company, a leading provider of offshore drilling, workover and well completion services in the Gulf of Mexico; Homco International, Inc. a Houston- based oil field service firm; and Grace Petroleum Corporation, an oil and gas exploration and production business, based in Oklahoma City.
 The units being divested had sales and revenues in 1991 of nearly $500 million.
 Grace is the world's largest specialty chemicals company with a leadership position in health care.
 -0- 12/21/92
 /CONTACT: Chuck Suits of W. R. Grace & Co., 407-362-2600 or 800-GRACE99/
 (GRA)


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


AW -- FL002 -- 8688 12/21/92 10:08 EST
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Publication:PR Newswire
Date:Dec 21, 1992
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