GRACE &lt;GRA> COMPLETES RETAIL UNIT SALE

  W.R. Grace and Co said it completed
  the sale of its Bermans The Leather Experts retail business to
  a new company in a management led buyout.
      Grace received 99.3 mln dlrs cash and will record a pretax
  gain of about 37 mln dlrs in the first quarter, the company
  said. An additional pretax gain of 19 mln dlrs will be deferred
  until realization is more fully assured, it said.
      The diversified chemical and industrial company said the
  sale completes its program to divest retail operations.
      In addition to the cash payment, Grace received warrants to
  buy up to 47.5 pct of the new company and has reinvested about
  19 pct of the proceeds in debt of the new firm.
      Financing was provided by Prudential Insurance Co of
  America and affiliates.
  

