Borden Chemicals and Plastics Operating Limited Partnership Accepts Purchase Offer for Addis, La., Facility From Shintech Louisiana LLC.

Business Editors

GEISMAR, La.--(BUSINESS WIRE)--Dec. 4, 2001

Motion for court approval filed, initiating auction process;

competing bids due by Dec. 14

Borden Chemicals and Plastics Operating Limited Partnership (BCP) announced today that it has executed an asset purchase agreement through which, subject to bankruptcy court approval, Shintech Louisiana, LLC (Shintech) will acquire the assets and operations of BCP's polyvinyl chloride (PVC) plant in Addis, La. As previously announced, BCP and its advisors have been exploring strategic alternatives, including a potential merger, joint venture or asset sales, for any or all of its three facilities, in Addis and Geismar, La., and Illiopolis, Ill.

"For the reassurance of customers, suppliers and employees, BCP is pleased to have entered into a definitive agreement with this buyer," said Mark J. Schneider, president and chief executive officer, BCP Management, Inc. (BCPM), the general partner of BCP. "The fact that we have a strategic buyer who is a leading player in the industry speaks to the long-term strength of the PVC business and the value of the Addis plant. Certainly, the Addis facility has performed well during a difficult time. Its production rates have been steady and its people have maintained excellent quality, safety and customer service levels. I thank them for their patience and understanding during this period of uncertainty."

Under the terms of the current sale agreement, Shintech will pay $38 million to acquire the Addis plant, property and equipment and an additional sum to be determined for the value of inventory and certain accounts receivable. Under the court-approved bidding process, other interested parties may submit competing bids through BCP's investment banker, Taylor Strategic Divestitures, Washington DC. If competing bids are determined to be fully binding commitments that comply with the court-approved procedures, an auction will be held for qualified bidders on December 19, 2001. A hearing will follow on December 20, 2001, to obtain court approval of the highest and best offer.

The Addis plant employs 66 people and produces PVC resins for use in a wide variety of industrial, construction and consumer-product applications. The 22-year-old plant has an annual stated capacity of 600 million pounds.

Shintech Louisiana LLC is a wholly owned subsidiary of Shintech Inc., a leading U.S. producer of PVC resins with headquarters in Houston and plants in Freeport, Texas, and Addis, La. Shintech Inc. is a wholly owned subsidiary of Tokyo-based Shin-Etsu Chemical Co., Ltd., the world's largest producer of PVC, with plants in the U.S., Asia and Europe.

BCP and its subsidiary, BCP Finance Corporation, filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on April 3, 2001. BCPM and Borden Chemicals and Plastics Limited Partnership (BCPLP), the limited partner of BCP, were not included in the April 3 Chapter 11 filings. (Two other separate and distinct entities, Borden, Inc., and its subsidiary, Borden Chemical, Inc., are not related to the filings.)

This press release includes forward-looking statements subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Our use of the words "outlook," "intends," "believes," "anticipates," "estimate" and similar words are intended to identify these statements as forward-looking. These forward-looking statements represent our current judgment on what the future holds and are based on a number of assumptions and forecasts. Our actual results may be materially different from those expressed or implied by such statements. While BCPM believes them to be reasonable, a number of important factors could cause actual results to differ materially from those projected. These factors include: relatively small changes in PVC resin prices or demand; changes in domestic capacity; changes in raw material and natural gas costs; increased operating costs; loss of business from major customers; availability of post petition financing; negative market and credit impact from the Chapter 11 filing; unanticipated expenses; substantial changes in financial markets; labor unrest; foreign competition; major equipment failure; unanticipated results in pending legal proceedings; and other factors.

Note to Editors: Borden Chemicals and Plastics Operating Limited Partnership (BCP) is a separate and distinct entity from Borden, Inc., and its subsidiary, Borden Chemical, Inc. Please refer to Borden Chemicals and Plastics Operating Limited Partnership as "BCP" or "Borden Chemicals and Plastics," not as "Borden" or "Borden Chemicals."