Borden Hires Investment Bankers

The board of directors of BCP Management, Inc., the general partner for Borden Chemicals and Plastics Limited Partnership, announced today that it has hired the investment banking firms of Evercore Partners and Salomon Smith Barney to assist its management team in exploring strategic alternatives to maximize unitholder value.

Joseph M. Saggese, chairman, president and CEO of the general partner, said: "While we have been exploring alternatives ourselves, we believe that the experience and resources brought to the table by Evercore Partners and Salomon Smith Barney will strengthen the process. Together we will identify and analyze a full range of possible ways to maximize value for unitholders, while the partnership remains focused on providing quality products and services to our customers."

The partnership, which produces polyvinyl chloride resins, methanol and derivatives, and nitrogen products, has experienced financial losses for five consecutive quarters driven by a severe industry-wide cyclical downturn in its businesses.

Borden Chemicals and Plastics Limited Partnership has facilities in Geismar and Addis, LA., and Illiopolis, IL. BCP Management, Inc., a wholly owned subsidiary of Borden, Inc., holds a 2% interest and serves as general partner. Publicly traded units account for the remaining 98% ownership.