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BORDEN ELECTS FIVE KKR EXECUTIVES TO BOARD.

COLUMBUS, Ohio--(BUSINESS WIRE)--December 21, 1994--Borden, Inc. (NYSE:BN) today announced a realignment of its Board of Directors, as anticipated in the merger agreement entered into in September between Borden and an affiliate of Kohlberg Kravis Roberts & Co. (KKR).

Earlier today, KKR announced the success of its exchange offer for the common shares of Borden, resulting in ownership by KKR affiliates of approximately 69.5% of Borden's now outstanding total shares. Actions to consummate the merger will be taken as soon as practicable, KKR said.

The Board realignment provides KKR with a majority of the Board membership, while maintaining, as previously announced, the membership of at least two independent directors until the merger is completed.

The new directors are: Henry R. Kravis, KKR Founding Partner and General Partner; George R. Roberts, also Founding Partner and General Partner; Clifton S. Robbins, General Partner; Scott M. Stuart, General Partner; and Alexander Navab, a KKR executive. Mr. Kravis has been elected Chairman of the Board.

Continuing as Borden directors are Frank J. Tasco, a director since 1988 and Chairman from December 1993 until today; Ervin R. Shames, President and Chief Executive Officer of Borden, and a director since June 1993; and Dr. Wilbert J. LeMelle, President, Phelps-Stokes Fund (an educational foundation) and a director since 1987.

Five Borden directors have resigned effective today: Frederick E. Henning, President and Chief Operating Officer of Woolworth Corporation; Robert P. Luciano, Chairman of the Board and Chief Executive Officer of Schering-Plough Corporation; H. Barclay Morley, former Chairman of the Board and Chief Executive Officer of Stauffer Chemical Company; John E. Sexton, Dean, New York University School of Law; and Patricia Carry Stewart, retired Vice President, the Edna McConnell Clark Foundation (a charitable foundation).

Borden, Inc. is a worldwide producer of packaged foods, non- food consumer products, and packaging and industrial products.

CONTACT:
Nicholas Iammartino Lynn Anderson Jim Fingeroth
Borden, Inc. Borden, Inc. Fred Spar
614-225-4485 614/225-7199 Kekst and Company
 212-593-2655
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Publication:Business Wire
Date:Dec 21, 1994
Words:325
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