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GRACE TO EXPAND IN ASIA-PACIFIC; US$250 MILLION INVESTMENT TARGETS DOUBLING SALES

 HONG KONG AND BOCA RATON, Fla., Sept. 23 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA), the world's leading specialty chemicals company, today announced ambitious expansion plans in the Asia-Pacific region.
 Setting a target of more than doubling sales within five years, the plan will result in new investments in the region of about US$250 million.
 The announcement was made in Hong Kong by Grace Executive Vice President and Chief of Staff Donald H. Kohnken to mark the opening of the company's new regional headquarters in Devon House, Quarry Bay.
 "This injection of funds and strengthening of our Asia-Pacific business represent a further commitment to the area which dates back to the 19th century when Grace was engaged in trade with China. Today, we have 43 offices and plants in 14 countries throughout the Asia-Pacific region," Kohnken said.
 Grace currently employs in excess of 1,700 people in its Asia- Pacific operations. The company has long had ties with the region and has operated in a number of different countries in the Asia-Pacific region for decades, including Australia since 1936, and Japan and the Philippines since the 1960s.
 The president of Grace Asia-Pacific, Noel A. (Bill) Lee, said the company planned to more than double its annual sales in the region to over US$700 million during the next five years.
 "Consistent with Grace's global strategy, we are focusing our attention on Grace's six core businesses -- flexible packaging, construction products, container products, catalysts, water treatment and specialized health care products such as dialysis services."
 "Many of these businesses go hand in hand with the rapid expansion taking place around the region, particularly in construction and the growing demand for food and consumer products. Grace's water treatment expertise and products also contribute significantly to future growth in developing areas," Lee added.
 "Our expansion will involve the establishment of new plants and factories around the region," Lee stated.
 Grace has operated in Hong Kong for almost 30 years, and now has designated Hong Kong as its region-wide headquarters, incorporating management offices formerly located in Tokyo, Japan and Melbourne, Australia.
 W. R. Grace & Co. is based in Boca Raton, Fla., and is the world's largest specialty chemicals company with a leadership position in specialized health care. Sales exceed US$5 billion annually.
 Grace's global operations are staffed by about 44,000 employees in 190 manufacturing facilities and more than 800 sales offices spanning 50 countries.
 -0- 9/23/93
 /CONTACT: Chuck Suits of W. R. Grace, 407-362-2600 or 800-GRACE99/
 (GRA)


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

AW -- FL004 -- 5033 09/23/93 08:10 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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