SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 23, 1996
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W. R. GRACE & CO.
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(Exact name of registrant as specified in its charter)
Delaware 1-12139 65-0654331
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
One Town Center Road, Boca Raton, Florida 33486-1010
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 561/362-2000
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Item 5. Other Events.
(a) On December 23, 1996, W. R. Grace & Co. ("Company") announced
that it had entered into a definitive agreement to sell its worldwide cocoa
business to Archer Daniels Midland Company for approximately $430 million
(subject to adjustment), consist ing of cash and the assumption of debt. The
Company's December 23, 1996 press release is filed as an exhibit hereto and is
incorporated by reference herein.
(b) On December 31, 1996, subsidiaries of the Company completed the
sale of the business and assets of the Company's Amicon separations sciences
business to Millipore Corporation ("Millipore") for $125 million. The Company's
December 31, 1996 press release is filed as an exhibit hereto and is
incorporated by reference herein.
(c) Reference is made to Note 5 to the unaudited consolidated
financial statements appearing in the Company's Quarterly Report on Form 10-Q
for the quarter ended September 30, 1996 for a description of a guarantee by W.
R. Grace & Co.-Conn., the Company's principal operating subsidiary, of $950
million of borrowings by National Medical Care, Inc., a former subsidiary. In
November 1996, the guarantee was released as to $800 million of such
borrowings, and in December 1996, the guarantee was released as to the
remaining $150 million.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
The following are filed as exhibits to this Report:
- The press release issued by the Company on December 23, 1996
regarding the matter described in Item 5(a) above.
- The press release issued by the Company on December 31, 1996
regarding the matter described in Item 5(b) above.
Pro forma financial information is not required to be filed because the
business and assets described in Item 5(b) above do not constitute a
"significant subsidiary" under Regulation S-X.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed by the undersigned
thereunto duly authorized.
W. R. GRACE & CO.
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(Registrant)
By /s/Robert B. Lamm
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Robert B. Lamm
Vice President and Secretary
Dated: January 8, 1997
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W. R. GRACE & CO.
Current Report on Form 8-K
Exhibit Index
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Exhibit No. Description
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99.1 Press release issued by the Company on December 23, 1996
99.2 Press release issued by the Company on December 31, 1996
#2664
GRACE NEWS
CONTACT: Chuck Suits or Mary Lou Kromer 561/362-2600 or
800/GRACE99
GRACE ENTERS AGREEMENT TO SELL COCOA BUSINESS
TO ARCHER DANIELS MIDLAND COMPANY FOR $430 MILLION
BOCA RATON, Fla., December 23, 1996--W. R. Grace & Co. (NYSE:
GRA) today announced that it has entered into a definitive agreement to sell
its worldwide cocoa business to Archer Daniels Midland Company for
approximately $430 million (subject to adjustment), consisting of cash and the
assumption of debt.
Grace said it expects to complete the sale of Grace Cocoa,
previously classified as a discontinued operation, in the first quarter of
1997. Grace noted that the debt associated with a former minority interest in
Grace Cocoa had previously been repaid.
Grace Cocoa, based in Stamford, Conn., is a global leader in the
production and sale of high-quality industrial cocoa and chocolate products.
Grace Cocoa has operations in Europe, North and South America, Africa and Asia
Pacific.
(more)
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Grace chairman, chief executive and president, Albert J.
Costello, said, "Grace Cocoa is an outstanding business and we are delighted
that we have been able to find such a fitting new home for its management and
personnel. This divestiture further advances our strategy to focus on Grace's
global market-leading packaging and specialty chemicals businesses."
Grace was represented in this transaction by its financial
advisor, Merrill Lynch & Co.
Archer Daniels Midland Company is one of the world's leading
processors of agricultural crops into food ingredients through a network of 50
offices located throughout the world. Sales for 1996 totaled $13.3 billion.
This is ADM's initial entry into the industrial cocoa and chocolate business.
Nevertheless, the addition of Grace Cocoa will complement ADM's product line.
ADM's chairman, Dwayne O. Andreas said, "There are a few key factors which make
this purchase a good fit for us. We understand the procurement and processing
business and have many customers in common."
Grace is a leading global supplier of flexible packaging and
specialty chemicals, with annual sales of approximately $3.3 billion. The
company operates in more than 100 countries.
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#2665
GRACE NEWS CORPORATE COMMUNICATIONS DIVISION
W. R. Grace & Co.
One Town Center Road
Boca Raton, FL 33486-1010
CONTACT: Chuck Suits or Mary Lou Kromer 561/362-2600 or
800/GRACE99
GRACE COMPLETES AMICON TRANSACTION;
SEPARATION SCIENCES BUSINESS SOLD
TO MILLIPORE FOR $125 MILLION
BOCA RATON, Fla., December 31, 1996--W. R. Grace & Co. (NYSE: GRA)
today announced that it has completed the sale of its Amicon separation
sciences business to Millipore Corp. (NYSE: MIL) for $125 million.
Amicon, based in Beverly, Mass., supplies a broad range of molecular
separation and purification products used by life science research laboratories
and biotechnology/pharmaceutical companies worldwide. It is a leader in
membrane ultrafiltration and a widely recognized supplier of preparative
chromatography products.
With annual sales of approximately $60 million, Amicon has
manufacturing operations in the U.S. and Europe.
Grace is a leading global supplier of flexible packaging and specialty
chemicals, with annual sales of approximately $3.3 billion. The company
operates in more than 100 countries.
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