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W. R. GRACE TO SELL BAKER & TAYLOR BOOKS, BAKER & TAYLOR VIDEO, SOFTKAT

W. R. GRACE TO SELL BAKER & TAYLOR BOOKS, BAKER & TAYLOR VIDEO, SOFTKAT
 BOCA RATON, Fla., Nov. 11 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA) today announced it has signed a letter of intent to sell its Baker & Taylor Books, Baker & Taylor Video and SoftKat divisions to the Carlyle Group, a private merchant bank based in Washington, D.C., together with members of Baker & Taylor management who will continue with the divested units. Terms of the proposed agreement were not disclosed. Completion of the sale is subject to various conditions and is expected to occur by year-end 1991.
 The new organization, to be called Baker & Taylor Distribution, will comprise one of the leading information and entertainment product distribution companies in the world -- with more than $750 million in revenues. Gerald G. Garbacz, Grace executive vice president and head of Grace Specialty Businesses, will serve as Baker & Taylor Distribution's president and chief executive officer. The management team of the new company will also consist of Jacqueline L. Cochran, president of SoftKat; J. Gary Kaenzig, president of Baker & Taylor Books; and James B. Warburton, president of Baker & Taylor Video.
 J. Peter Grace, chairman and chief executive, W. R. Grace & Co., said, "While Grace has owned Baker & Taylor's operations for more than 20 years and we think it's a strong, competitive force in distribution, we have decided, as part of our recently developed corporate strategy, to focus on selected core businesses and technologies. This means we will be divesting Baker & Taylor and other non-core endeavors in order to accomplish our long-term strategic objectives."
 The businesses sell and distribute books, videotapes, audio products, computer software and value-added services to more than 100,000 academic, public and school libraries and retail customers worldwide from a network of 21 facilities.
 Acquired by Grace in 1970, Baker & Taylor Books, a leading supplier of books and related services to libraries and bookstores, distributes some 40 million books annually to more than 75,000 customers from a network of five distribution centers.
 Baker & Taylor Video, acquired in 1986, distributes video and audio products to mass merchandisers, video rental stores, libraries and specialty stores from 12 distribution locations.
 SoftKat, acquired in 1986, is a leading distributor of educational, entertainment and home productivity software, selling product and value-added services to computer software retailers, mass merchandisers, educational supply dealers, bookstores and the government through a single distribution center in Chatsworth, Calif.
 W. R. Grace & Co. is the world's largest specialty chemicals and materials company with a leadership position in health care.
 -0- 11/11/91
 /CONTACT: Chuck Suits of W. R. Grace & Co., 800-GRACE99 or 407-362-2600/
 (GRA) CO: W. R. Grace & Co. ST: Florida IN: CHM SU: SS-JJ -- FL008 -- 3099 11/11/91 14:36 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 11, 1991
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