Exhibit 99.2

                                              #2699
GRACE NEWS
                                              CORPORATE COMMUNICATIONS DIVISION

                                              W. R. Grace & Co.
                                              One Town Center Road
                                              Boca Raton, FL 33486-1010
                                            
CONTACT:  Media Relations:                 Investor Relations:
          Jane D. McGuinness               Susan G. Eccher    
          (561)362-1343                    (561)362-1331      
                                                   
                  
                  

            GRACE TO ACQUIRE CROSFIELD CATALYSTS AND SILICAS BUSINESS
                 FROM ICI; BOARD APPROVES 20% SHARE REPURCHASE;
               STRATEGIC REVIEW OF DAREX TO BE COMPLETED THIS YEAR

         BOCA RATON, Fla., April 2, 1998 -- W. R. Grace & Co. (NYSE: GRA) today
announced that it has entered into a definitive agreement to acquire the
Crosfield business of Imperial Chemical Industries PLC for $455 million in cash.
Completion of the transaction is subject to various conditions, including
customary governmental approvals, and is expected to take place in mid-1998.

         Crosfield, with 1997 sales of approximately $270 million, will be
integrated with Grace's Davison business, a leading global supplier of catalysts
and silica products, which had 1997 revenues of $712 million. Crosfield is a
major producer of various silica, silicate and zeolite products, as well as
hydroprocessing and specialty catalysts. Its silica products serve as
ingredients or process aids in a wide range of consumer and industrial
applications in the coatings, plastics, food, pharmaceutical and other
industries, while its catalysts 

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are used in petroleum refining and polyethylene production. Crosfield is also a
supplier of advanced silicates and zeolites to the detergent industry.

         Albert J. Costello, chairman, president and chief executive officer of
Grace, said, "The strategic acquisition of Crosfield is expected to accelerate
the growth of our specialty chemicals businesses. The Crosfield product lines
are highly complementary to our Davison business and present excellent
opportunities for sales and cost synergies. In addition, we anticipate improved
capital management in the combined businesses through shared capacity
utilization and other economies. The acquisition is a further step in our plan
to refocus Grace's business portfolio on those segments with the strongest
market position and the most attractive growth prospects. It should add
significant value for Grace shareholders. We expect it to be substantially
accretive to Grace earnings in the first full year."

         James R. Hyde, president of Grace Davison, added, "This transaction
offers exciting opportunities to combine Crosfield and Davison technologies to
enhance our position in hydroprocessing catalysts for oil refining, extend our
capabilities in selected silica products applications, and expand our activities
into the adjacent market areas of silicates and zeolites. In addition, it will
allow Davison to broaden many important customer relationships."

         Credit Suisse First Boston advised Grace in this transaction.

SHARE REPURCHASE

         Separately, Grace announced that its Board has approved a program to
purchase up to 20% of Grace's outstanding shares in the open market; at

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March 31, 1998, Grace had approximately 75.8 million shares outstanding. This
authority is expected to be executed over time, depending on market conditions
and other factors.

DAREX CONTAINER PRODUCTS

         Grace also announced that it is continuing a strategic review of the
Darex Container Products unit and that a conclusion will be reached this year.

         Costello said, "Darex management is pursuing steps to enhance future
profitability, including productivity improvements and the further development
of oxygen-scavenging and active closure technologies.

         "On the other hand, substantial third-party strategic interest in this
business has already been expressed. The course that we ultimately pursue with
respect to Darex will be the one that accomplishes our goal of maximizing value
to our shareholders."

         Grace is one of the world's leading specialty chemicals companies, with
annual sales of approximately $1.5 billion. For more information, visit Grace's
Web site at www.grace.com.

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