AEP Industries completes acquisition of Borden Global Packaging.

HACKENSACK, N.J.--(BUSINESS WIRE)--Oct. 11, 1996--

- Increases Size of Board of Directors from 6 to 10 Members -

AEP Industries Inc. (Nasdaq:AEPI) announced today that it has completed the acquisition of Borden, Inc.'s Global Packaging business. The acquisition more than triples AEP's annual sales and establishes AEP as a world-class industry competitor with leading market share positions in several key product segments in the U.S. and Europe, a broader geographic presence and a wider range of product offerings.

In conjunction with the closing of the transaction, AEP announced the addition of four new members to its Board of Directors, William H. Carter, C. Robert Kidder, Clifton S. Robbins, and Scott M. Stuart. At the same time, Robert W. Cron, AEP's Executive Vice President of the Industrial Products Division who has served on the board since its inception in 1985, has voluntarily stepped down. An additional member remains to be appointed to the board by mutual agreement between AEP and Borden. Following the completion of all appointments, the board will have ten members comprising five directors who served prior to the closing of the transaction, four directors who have been designated by Borden and one director chosen by mutual consent.

William H. Carter, 43, joined Borden, Inc. in April 1995 as Executive Vice President and Chief Financial Officer and is currently responsible for the treasury, controller, tax and audit functions. In May 1995, he was elected a director of BCP Management, Inc., the General Partner of Borden Chemicals and Plastics Limited Partnership and its subsidiary operating partnership. Previously, Mr. Carter was with Price Waterhouse and was the Engagement Partner responsible for Borden. He also serves on the Boards of Directors of Borden Foods Corporation, Wise Foods, Inc., Borden Chemical, Inc., and Borden Decorative Products, Inc.

C. Robert Kidder, 52, joined Borden, Inc. as Chairman and Chief Executive Officer in January 1995. Previously, he was with Duracell International where he served as Chairman and CEO since 1984 and continues to serve as a director. Mr. Kidder also serves on the Boards of Directors of Dean Witter, Discover & Co., Electronic Data Systems Corporation, the National Urban League, the Grocery Manufacturers of America, Inc., COSI (Ohio's Center of Science & Industry) and each operating company within the Borden family of companies.

Clifton S. Robbins, 38, is an executive of Kohlberg Kravis Roberts & Co. He is a member of the Boards of Directors of Borden, Inc., IDEX Corporation, Newsquest Media Group Ltd. and Glenisla Group Ltd.

Scott M. Stuart, 37, is also an executive of Kohlberg Kravis Roberts & Co. Mr. Stuart serves on the Boards of Directors of Borden, Inc., Duracell International, K.C. Cable Associates, World Color Press, Inc., KSL Recreation Corporation, Newsquest Media Group Ltd., and Glenisla Group Ltd.

AEP Industries Inc. manufactures, markets, and distributes an extensive range of polyethylene film products which includes shrink bundle films, industrial stretch films, silage stretch films and can liner products.

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