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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): May 14, 1998
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W. R. GRACE & CO.
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(Exact name of registrant as specified in its charter)
Delaware 1-13953 65-0773649
(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.
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On May 14, 1998, W. R. Grace & Co. ("Company") announced that
it is considering purchasing supplemental insurance that would limit its
liability for asbestos-related litigation. If available, the insurance could
cost less than $100 million, depending on the specific terms of the coverage.
The announcement also stated that Albert J. Costello, the
Company's Chairman, President and Chief Executive Officer, plans to retire
around year-end 1998. The Company said that its Board of Directors is
conducting a search of internal and external candidates to succeed Mr. Costello
and hopes to announce a successor by the end of the 1998 third quarter.
The Company's May 14, 1998 press release is filed as an
exhibit hereto.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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The Company's May 14, 1998 press release is filed as an
exhibit hereto.
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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: May 21, 1998
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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 dated May 14, 1998
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#2703
CORPORATE COMMUNICATIONS
W. R. Grace & Co.
One Town Center Road
Boca Raton, FL 33486-1010
[ERACE NEWS LOGO]
CONTACT: Media Relations: Investor Relations:
Jane McGuinness Susan G. Eccher
(561) 362-1343 (561) 362-1331
GRACE CONSIDERING ASBESTOS INSURANCE;
CEO COSTELLO TO RETIRE BY YEAR-END
BOCA RATON, Fla., May 14, 1998 -- W. R. Grace & Co. (NYSE: GRA) today
confirmed that it is considering purchasing supplemental insurance that would
limit its liability for asbestos-related litigation. In response to questions
at an analyst meeting, Grace Senior Vice President and Chief Financial Officer
Larry Ellberger said that Grace believes the insurance, if available, could
cost less than $100 million. However, the cost would depend upon the specific
terms of the coverage and could be substantially less than $100 million. Grace
also stated that if it determines to purchase the insurance, it may be in place
by year-end 1998.
In addition, Grace reported that Chairman, President and Chief
Executive Officer Albert J. Costello plans to retire around year-end. Grace
said that its Board of Directors is conducting a search of internal and
external candidates to succeed Costello and hopes to announce a successor by
the end of the 1998 third quarter.
Grace is a leading global supplier of catalysts and silica products,
specialty construction chemicals and building materials, and container sealants
and coatings. With annual sales of approximately $1.5 billion, Grace has 6,300
employees and operations in more than 40 countries.
For more information, visit Grace's Web site at www.grace.com.
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This announcement contains "forward-looking" information. Future
results may differ from those discussed in this announcement. Information
concerning the factors that could cause such differences can be found in
Grace's Annual Report on Form 10-K for 1997.
