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GRACE COMPLETES $300 MILLION TRANSACTION INVOLVING GRACE COCOA BUSINESS

 BOCA RATON, Fla., Dec. 30 /PRNewswire/ -- W. R. Grace & Co. today announced the completion of the sale of a 21 percent interest in Grace Cocoa Associates, L.P., which owns certain assets including Grace's cocoa and chocolate business, for $300 million. The proceeds from the transaction will initially be used to pay down Grace corporate debt.
 The new investors are strictly financial investors and will not be involved in the management of Grace Cocoa. Grace Cocoa will maintain its current worldwide management team and will continue to operate the business.
 J. P. Bolduc, president and chief operating officer of W. R. Grace & Co., said, "This transaction, which monetizes Grace Cocoa and other assets, is part of Grace's worldwide strategic plan to focus on the company's specialty chemical and health care businesses."
 Pedro F. Mata, president of Grace Cocoa, said: "This transaction will provide Grace Cocoa with continuity of management, and the ability to operate the business in the same manner as it did prior to the transaction."
 Grace Cocoa is one of the world's leading suppliers of cocoa and chocolate ingredients to the bakery, confectionery, beverage, dairy and food service industries. Grace Cocoa has three operating divisions and 12 production plants worldwide.
 Grace is the world's largest specialty chemicals company with a leadership position in health care.
 -0- 12/30/92
 /CONTACT: Chuck Suits of W. R. Grace & Co., 407-362-2600 or 800-GRACE99/
 (GRA)


CO: W. R. Grace & Co.; Grace Cocoa Associates, L.P. ST: Florida IN: CHM SU:

JB -- FL001 -- 0663 12/30/92 15:06 EST
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Publication:PR Newswire
Date:Dec 30, 1992
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