Exhibit 3
 

FOR IMMEDIATE RELEASE                                                 Contact:
April 8, 1997                                                Peter F. Loscocco
                                                                  614/225-4127

BORDEN CHEMICALS AND PLASTICS LIMITED PARTNERSHIP
ANNOUNCES PLANS FOR CONVERSION TO CORPORATE FORM,
ADOPTS UNITHOLDERS RIGHTS PLAN

               COLUMBUS, OHIO (April 8, 1997) -- The board of directors of BCP
Management, Inc., the general partner of Borden Chemicals and Plastics Limited
Partnership (NYSE: BCU), today unanimously approved a plan to convert existing
ownership interests in the partnership into shares of a newly formed
corporation. The change would occur prior to December 31, 1997, when the
partnership's exemption from income taxes expires.

               "Conversion to corporate form is the most beneficial move for our
unitholders and our business going forward," said Joseph M. Saggese, chairman,
president and chief executive officer of the general partner, BCP Management,
Inc. "The board's independent committee and the full board of directors, based
on the advice of outside financial advisors, reached this same conclusion after
months of study."

               Under the proposed conversion plan, which is subject to
unitholder approval, all unitholders will be entitled to exchange their existing
ownership interests in the partnership for shares of common stock in the new
corporation.

               As an alternative to the common stock, unitholders will have the
option of exchanging some or all of their units for non-voting, 9.5 percent
cumulative preferred stock. Up to $175 million of preferred stock will be
issued. If unitholders elect to receive more than this total amount, preferred
shares will be issued to electing unitholders on a pro-rata basis.

               Prior to any reduction resulting from unitholders electing to
receive preferred stock instead of common stock, unitholders will receive 84
percent of the common stock in the corporation. BCP Management, Inc. will
receive the remaining common stock in exchange for all of its interests as
controlling general partner, including its incentive distributions.

               Both the common and preferred shares are planned to be listed on
the New York Stock Exchange.

               It is expected that converting units to either common or
preferred stock will generally be tax-free to unitholders. The conversion to
corporate form is subject to, among other conditions, filing and clearance of a
combined proxy statement and prospectus, and the approval of a majority of
unitholders. The offering of common and preferred stock to be issued in
connection with the conversion will be made only by means of a prospectus. A
proxy statement and prospectus is expected to be issued to unitholders sometime
during the summer.

 
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               Borden Chemicals and Plastics will continue to operate under the
terms of its existing partnership agreement until the conversion is approved and
implemented.

               In discussing the merits of the proposed conversion, Saggese
said, "We believe corporate form will provide Borden Chemicals and Plastics and
its investors with a number of benefits. First, the new corporation will realize
a significant step-up from the current tax basis of the partnership, thereby
reducing corporate taxes. Second, corporate form should allow a wider range of
investors to own our securities. Third, it will simplify tax reporting for our
investors. Fourth, the proposal offers a preferred stock for yield-conscious
investors, and a common stock for investors more interested in growth. Finally,
conversion to a corporation will enhance our financial flexibility to continue
growing the business and creating value for our investors."

               Saggese also announced that the board of directors has
unanimously adopted a unitholders rights plan, under existing terms of the
partnership agreement

               In the event that any entity acquires 15 percent or more of the
outstanding units, each holder of a right, other than the acquiring entity, will
be entitled to receive, upon payment of the exercise price, that number of units
having a market value equal to two times the exercise price. Each right, which
is not presently exercisable, has an exercise price of $21. Distribution of the
rights will be made on April 21, 1997 to unitholders of record at the close of
business on that date. Details of the rights distribution will be contained in a
mailing to all unitholders of record of the partnership.

     Borden Chemicals and Plastics Limited Partnership is a leading producer and
marketer of polyvinyl chloride resins, methanol and derivatives, and nitrogen
products. BCP Management, Inc. is a wholly owned subsidiary of Borden, Inc.