UPDATE 1-Grainger sees Q3 gain from MonotaRO deal

* Takes 53 pct stake in Japan's MonotaRO

* To record Q3 gain of $0.30-$0.40/shr

Sept 14 (Reuters) - Industrial distributor W.W. Grainger Inc (GWW.N) said it would record a one-time gain in the third quarter, following the completion of its tender offer bid for Japan's MonotaRO Co Ltd (3064.T).

Grainger, which now has a 53 percent stake in Japan's MonotaRO, expects to record a gain of 30 cents to 40 cents a share in the third quarter.

In June, Grainger said it plans to increase its stake in MonotaRO to 53 percent from 38 percent through an investment of $4 million.

The company said it will include MonotaRO's results beginning with the balance sheet in the third quarter and the full income statement in the fourth quarter.

MonotaRO, which had 2008 revenue of $136 million, was set up as a joint venture between Grainger and Sumitomo Corp (8053.T) in 2000 to supply maintenance, repair and operating supplies in Japan.

Grainger shares were trading up 72 cents at $89.36 Monday afternoon on the New York Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Deepak Kannan) ((ananthalakshmi.as@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ananthalakshmi.as.reuters.com@reuters.net))