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GRACE TELLS SHAREHOLDERS STRATEGIC PLAN SUCCESSFULLY ON TRACK

 BOCA RATON, Fla., May 10 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA) told shareholders at its annual meeting held here today that its improved first quarter 1993 operating results are an excellent measure of the progress being made in implementing the company's strategic plan. Shareholders also heard management say that the company's restructuring program is very much on target and that the company is continuing to focus, integrate and expand its worldwide operations.
 In his report to shareholders, J. P. Bolduc, president and chief executive officer, said: "We are comfortable with Wall Street earnings per share estimates of $2.75 for 1993, up 10 percent, and $3.20 for 1994, up 16 percent over 1993." He added, "Our program to divest non- strategic businesses has passed the $1.3 billion mark, placing us ahead of target to meet our divestment goal of $1.5 billion by December 1993. We are redeploying the assets from these divestments toward reducing our total debt and growing our six strategic businesses -- packaging, health care, catalysts and other silica-based products, construction products, water treatment, and container sealants."
 According to Bolduc, "Although our total return to shareholders has outperformed the S&P 500 and the two other S&P chemical industry indices since our restructuring program was initiated in January 1991, I'm convinced, as we proceed through the third year of our restructuring and transition, that we will continue to deliver improved earnings and superior returns to our shareholders from our strategic core businesses."
 Company Chairman J. Peter Grace presided at the meeting held in Boca Raton, Fla. A video tribute to Mr. Grace, who completed 47 years as CEO of Grace in December, was premiered before the assemblage of shareholders. In addition to numerous notables featured in the video, President Ronald Reagan hosted the tribute to the man who served him as head of the President's Private Sector Survey on Cost Control, commonly referred to as the Grace Commission. Shareholders re-elected the company's slate of directors, ratified the selection of independent accountants and defeated a shareholder proposal.
 Grace is the world's largest specialty chemicals company and holds a leadership position in specialized health care.
 -0- 5/10/93
 /CONTACT: Chuck Suits of W. R. Grace, 407-362-2600 or 800-GRACE99/
 (GRA)


CO: W. R. Grace & Co. ST: Florida IN: CHM SU:

AW -- FL003 -- 6431 05/10/93 11:02 EDT
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Publication:PR Newswire
Date:May 10, 1993
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