Texas Petrochemicals Announces Appointment of Chairman and Two New Directors

HOUSTON, Sept. 29 /PRNewswire-FirstCall/ — Texas Petrochemicals Inc. (the “Company”) (OTC:TXPI) today announced that the Board of Directors has expanded the Board of Directors to ten (10) members and has appointed three new directors: Michael E. Ducey, who will also serve as Chairman of the Board of Directors, Richard B. Marchese and Jeffrey M. Nodland.

Charlie Shaver, the Company’s President and CEO, said: “I am excited by the additions of Mike, Dick and Jeff to the Board of Directors. As the Company’s Chairman, Mike will bring invaluable industry expertise and experience to assist the Board and management in determining the future direction of the Company. In addition, the Company looks forward to tapping Dick’s financial expertise in our Audit Committee as part of our ongoing Sarbanes-Oxley compliance efforts with a view toward the possible registration of our securities. Finally, Jeff will offer a valuable perspective for the Board on strategic, operational and commercial issues. With the addition of these three experienced directors, the Board is uniquely positioned to work with management to drive value for the Company and its stockholders.”

Mr. Ducey has held a series of key senior executive and director positions during an almost forty year career in the industry. He was President and Chief Executive Officer and a director of Compass Minerals International, Inc., a producer of salt and specialty fertilizers, from 2002 to 2006, where he led the company to a successful initial public offering in December 2003. He previously worked for Borden Chemical, Inc., a diversified chemical company, from 1972 to 2002. During his thirty year career with Borden Chemical, Mr. Ducey held various management, sales, marketing, planning and commercial development positions, most recently serving as President and Chief Executive Officer from 1999 to 2002 and Executive Vice President and Chief Operating Officer from 1997 to 1999. He is currently an Operating Partner with Apollo Management and a director of Verso Paper Corp., and he was formerly a director of UAP Holding Corp., the parent of United Agri Products, Inc. Mr. Ducey has a B.A. from Otterbein College and an M.B.A. from the University of Dayton.

Mr. Marchese joins the Board with forty-one years of accounting and financial experience, much of it in the chemicals industry. He served for fourteen years as the Vice President Finance, Chief Financial Officer and Treasurer of Georgia Gulf Corporation, retiring at the end of 2003. Prior to 1989, Mr. Marchese served as the Controller of Georgia Gulf Corporation, the Controller of the Resins Division of Georgia Pacific Corporation and Treasurer and Controller of XCEL Corporation. Mr. Marchese is a member of the board of directors of Blue Linx Holdings, Inc. and Nalco Holding Company and is a member of the board of directors of Quality Distribution, Inc., where he serves on the Executive Committee. Mr. Marchese holds a B.S. in Accounting from Fairleigh Dickinson University.

Mr. Nodland brings over thirty years of industry experience to the Board. He is currently the President and Chief Executive Officer and a director of KIK Custom Products. Prior to this role, Mr. Nodland was President of the Coatings and Inks Division of Hexion Specialty Chemicals, Inc. He also served as President and COO of Resolution Performance Products, President and CEO of McWhorter Technologies and spent seventeen years in senior executive roles with The Valspar Corporation. Mr. Nodland is also a director of California Paint Corporation. Mr. Nodland has a B.A., Business Administration, from Augsburg College and an M.B.A. from the College of St. Thomas.

Headquartered in Houston, Texas, Texas Petrochemicals Inc. sells products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuel additives, plastics and detergents. The Company has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel, Port Neches and Baytown, Texas and operates a product terminal in Lake Charles, Louisiana. For more information, visit the Company’s web site at http://www.txpetrochem.com.

Cautionary Information Regarding Forward-Looking Statements

Certain oral and written information that the Company may make publicly available from time to time may constitute forward-looking statements. Such statements may relate to future operating results, existing and expected competition, financing and refinancing sources and availability, and plans related to strategic alternatives or future expansion activities and capital expenditures. Forward-looking statements involve a number of risks and uncertainties that may significantly affect the Company’s liquidity and results in the future and, accordingly, actual results may differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, those related to effects of competition, leverage and debt service, financing and refinancing efforts, litigation and governmental investigations, environmental laws and regulations, general economic conditions and changes in laws or regulations.

    Investor Relations
    Contact: Robert Whitlow
    Email:   robert.whitlow@txpetrochem.com
    Phone:   713-627-7474

    Contact: Ruth Dreessen
    Email:   ruth.dreessen@txpetrochem.com
    Phone:   713-627-7474

    Media Relations
    Contact: Sara Cronin
    Email:   sara.cronin@txpetrochem.com
    Phone:   713-627-7474

SOURCE Texas Petrochemicals Inc.