Exhibit 99
FOR IMMEDIATE RELEASE Contact:
Date: May 12 Peter F. Loscocco
Borden Chemical, Inc.
614/225-4127
Borden Chemical, Inc. Acquires Spurlock Industries
COLUMBUS, OHIO - May 12 - Borden Chemical, Inc. announced today that it
has completed the acquisition of formaldehyde and resins producer Spurlock
Industries, Inc.
Through the transaction, Borden Chemical adds Spurlock's manufacturing
facilities located in Waverly, VA., Malvern, Ark., and Moreau, N.Y. to its
growing network of formaldehyde and resins plants. Spurlock's more than 70
employees also are joining Borden Chemical. Spurlock Industries generated
1998 sales of $27.7 million.
The purchase price was $23 million. In addition, Borden Chemical has
assumed approximately $12 million in debt.
"Spurlock represents a nice extension of our existing formaldehyde and
forest products business," said Michael E. Ducey president and chief
executive officer for Borden Chemical. "In addition, their plant locations
expand our growing North American network of formaldehyde and resin
production sites."
Borden Chemical, Inc., a subsidiary of privately held Borden, Inc., is a
leading global source for formaldehyde, resins, melamine, coatings and other
adhesive products serving a broad range of markets including the forest
products, foundry, automotive, construction, composites, electronics and
oilfield industries.
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NOTE TO EDITORS: Borden Chemical, Inc. is privately held and not affiliated
with Borden Chemicals and Plastics Limited Partnership (NYSE: BCU). Please
do not run under the BCU symbol.
180 East Broad Street, Columbus, Ohio 43215-3799 -Telephone 614-225-4000
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