Borden Chemicals and Plastics' Chairman and CEO Saggese To Retire; Carter To Serve As Chairman and Acting CEO.

Business Editors

COLUMBUS, Ohio--(BUSINESS WIRE)--Jan. 6, 2000

Joseph M. Saggese, chairman, president and chief executive officer of BCP Management, Inc., the general partner of Borden Chemicals and Plastics Limited Partnership (NYSE:BCU), has announced his retirement effective with the general partner's scheduled January 25 board meeting.

Saggese, 68, has served as chairman, president and chief executive officer for the partnership since July 1990.

The board of directors intends to elect board member William H. Carter to serve as chairman and acting president and CEO for the partnership. Wayne P. Leonard, executive vice president and chief operating officer, will continue to serve in that capacity and direct day-to-day operations. The board has established a committee consisting of Carter and board members William F. Stoll, Jr. and Edward H. Jennings to conduct a search for a permanent replacement for Saggese.

"We thank Joe Saggese for his service to the partnership, particularly during the industry downturn of the past couple of years. He has been a steady influence in a difficult commodity chemical cycle," Carter said. "At the same time, we are fortunate to have a strong chief operating officer in Wayne Leonard, who with 34 years of industry experience brings continuity and tremendous expertise to our business."

Carter has served on the partnership's board since 1995. He is executive vice president and chief financial officer for Borden, Inc. He also serves on the boards of AEP Industries, Inc., and various Borden, Inc. subsidiaries and affiliates.

Borden Chemicals and Plastics Limited Partnership manufactures PVC resins, methanol and derivatives and nitrogen products at facilities in Geismar and Addis, La., and Illiopolis, Ill. BCP Management, Inc., is a wholly owned subsidiary of Borden, Inc.