Borden Chemical to acquire Spurlock

Borden Chemicals Inc. said Friday that it will acquire Spurlock Industries Inc. for about $23 million, including the assumption of $13.5 million in liabilities. The company said the boards of both companies have approved the agreement.

Spurlock Industries, which develops, manufactures and markets specialty thermal-setting resins and formaldehyde for forestry products, has manufacturing facilities located in VA, AK and NY, and has about 80 employees.

"Spurlock is a strategic fit with our existing formaldehyde and forest products businesses," said Joseph M. Saggese, president and chief executive of Borden Chemical. "Their manufacturing locations will enhance our presence on the East Coast and expand our North American formaldehyde production network."

Both companies said they anticipate closing to occur sometime during the first quarter of 1999.

Borden Chemical, a subsidiary of privately held Borden, Inc., provides formaldehyde, resins, adhesives and other specialty chemicals to a variety of industries, including the forestry and automotive industries.