Exhibit 99


                            SPURLOCK INDUSTRIES, INC.
                                   P.O. BOX 8
                             WAVERLY, VIRGINIA 23890


Friday, December 18, 1998                            CONTACT: Phillip S. Sumpter

FOR IMMEDIATE RELEASE                                             (804) 834-8980


           BORDEN CHEMICAL, INC. TO ACQUIRE SPURLOCK INDUSTRIES, INC.

         Waverly,  Virginia - Spurlock Industries,  Inc. announced today that it
has  entered  into a  definitive  merger  agreement  to be  acquired  by  Borden
Chemical, Inc.

         The Boards of Directors of both  companies have approved the agreement.
The Spurlock family,  which controls  approximately 55% of the stock of Spurlock
Industries,  has agreed to support the acquisition and to vote all of its shares
in favor of the transaction.

         The agreed purchase price is approximately $23 million (plus assumption
of  approximately  $13.5 million in liabilities) or $3.40 per share,  subject to
downward  adjustment  for  limited  contingencies.  Davenport  & Company LLC has
provided the Company's Board of Directors with a fairness  opinion that supports
the proposed transaction.

         Spurlock  Industries has manufacturing  facilities  located in Waverly,
Virginia,  Malvern,  Arkansas,  and Moreau,  New York, and has  approximately 80
employees.  The Company had announced  earlier this year that it was exploring a
sale of its  business,  and that it had  engaged  Davenport & Company LLC as its
financial advisor.

         "Spurlock is a strategic fit with our existing  formaldehyde and forest
products  businesses,"  said Joseph M.  Saggese,  Chairman,  President and Chief
Executive  Officer for Borden  Chemical.  "Their  manufacturing  locations  will
enhance  our  presence  on  the  East  Coast  and  expand  our  North   American
formaldehyde  production network.  In addition,  their resins business is a nice
complement to our existing business and forest products resins."




         Phillip S. Sumpter,  Chairman and Chief  Executive  Officer of Spurlock
Industries,  said "We are pleased  with the terms of the  agreement  and believe
that our  shareholders,  our customers and our employees  will benefit from this
transaction."

         The  acquisition is subject to, among other things,  the expiration and
termination  of  the  waiting  period  under  the  Hart-Scott-Rodino   Antitrust
Improvements  Act of 1976,  as amended,  the  approval  of  Spurlock  Industries
shareholders,  and certain other  conditions,  including  the  conclusion of the
derivative  action  pending  in the  Federal  District  Court in  Colorado.  The
Companies  said they  anticipate  closing  to occur  sometime  during  the first
quarter of 1999.

         Separately,  Spurlock  Industries  announced  that  it  had  reached  a
settlement  with  plaintiffs in the derivative  litigation.  Such  settlement is
subject to the approval of the court.

         Borden Chemical,  Inc., a subsidiary of privately held Borden, Inc., is
a leading global source for formaldehyde,  resins, melamine, adhesives, coatings
and other specialty  chemicals  serving a broad range of markets,  including the
forest products, foundry, automotive, construction,  composites, electronics and
oilfield industries.

         Spurlock  Industries,   Inc.,  through  its  wholly-owned   subsidiary,
Spurlock Adhesives, Inc., currently develops, manufactures and markets specialty
thermal-setting  resins  and  formaldehyde  for the  forest  products,  building
products and furniture 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).