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Exhibit 99
FOR IMMEDIATE RELEASE CONTACT:
John Kompa
(614) 224-4600
Borden Chemicals and Plastics to Close Methanol Plant
Columbus, Ohio (November 9, 2000) - Borden Chemicals and Plastics Limited
Partnership (NYSE: BCU) today announced that it will close its methanol
operations in Geismar, Louisiana, effective in early January 2001. This will
complete the process of exiting all of the Partnership's non-vinyl based basic
chemical businesses, following the sale of its formaldehyde assets and the
closure of the nitrogen product facilities in July 2000.
The process for the Partnership to exit these businesses and focus on its
polyvinyl chloride resin operations was announced in June 2000. In July 2000,
the Partnership completed the sale of its formaldehyde assets and certain other
assets to Borden Chemical, Inc. (BCI), a separate entity which is a subsidiary
of Borden, Inc., for $48.5 million. As part of the agreement, BCI obtained an
option to acquire the methanol assets by year-end. BCI has informed the
Partnership that it has elected not to exercise its option to acquire the
assets.
The Partnership expects it will continue to operate the methanol facility
until early January 2001 to meet customer and operating requirements and will
shut down the facility at that time. The Partnership said it expected to absorb
most of the employees involved with its methanol operations into its ongoing PVC
operations.
Borden Chemicals and Plastics Limited Partnership produces polyvinyl
chloride resins and intermediate raw materials at facilities located in Geismar
and Addis, La., and Illiopolis, Ill. BCP Management, Inc., a wholly owned
subsidiary of Borden, Inc., has a 2 percent interest and serves as general
partner. Publicly traded units account for the remaining 98 percent ownership.
Forward-Looking Statements
This news release contains forward-looking statements subject to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These include statements with words such as "expect," "anticipate" and "appear,"
statements regarding the Partnership's financial status, future business
prospects and continued access to credit to meet future business needs, and
statements referring to overall industry trends. These forward-looking
statements are based on a number of assumptions and forecasts, and actual
results may be materially different from those expressed or implied by such
statements. Factors affecting future results include, but are not limited to,
changes in the demand for and pricing of products, changes in industry
production capacities, and changes in the supply of and costs of significant raw
materials. Discussion of these and other factors and risks are discussed in
detail in the Partnership's Form 10-K annual report and other documents filed
with the Securities and Exchange Commission.
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