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                           ALLTRISTA CORPORATION NEWS
           555 THEODORE FREMD AVENUE, SUITE B302, RYE, NEW YORK 10580

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        ALLTRISTA CORPORATION TO SELL TRIANGLE, TRIENDA AND SYNERGY WORLD
                            THERMOFORMING OPERATIONS


RYE, NY -- October 15, 2001 - Alltrista  Corporation (NYSE: ALC) today announced
it has signed a definitive  agreement  with Wilbert,  Inc. to sell its Triangle,
TriEnda and Synergy World  plastic  thermoforming  businesses.  The Company will
retain its  thermoforming  operation  in Fort Smith,  Arkansas,  which  produces
plastic parts primarily for the appliance market. The transaction is anticipated
to close in the fourth  quarter and is subject to normal and  customary  closing
conditions.  The agreement calls for a payment of $21 million in cash and a $2.5
million  one-year  note  as  well  as  the  assumption  of  certain   identified
liabilities. A $1.5 million deposit was received upon signing the agreement. The
Company  will record a pre-tax loss of  approximately  $120 million in the third
quarter.

     Martin E. Franklin,  Alltrista's newly elected Chairman and Chief Executive
Officer said, "After a careful review of the thermoformed  products  operations,
we  concluded  that a sale to  Wilbert,  Inc.  of the  thermoforming  businesses
acquired  over  the  last  several  years  would  be in the  best  interests  of
shareholders. This sale divests the assets acquired by Alltrista in an ill-fated
attempt to diversify from the businesses in which Alltrista  excels.  Wilbert is
better positioned to succeed with these thermoforming assets and the divestiture
will allow us to focus our efforts on  creating  shareholder  value  through the
growth of our remaining  businesses,  where we have a long history of profitable
operations and strong cash flows."

     Curtis J.  Zamec,  Chairman,  President  and  Chief  Executive  Officer  of
Wilbert,  Inc., stated " We see the acquisition of the thermoforming  operations
of Alltrista  Corporation  as key to Wilbert's  growth in this  industry and are
excited at the possibilities that this combination affords."

     The thermoforming  operations involved in the sale employ approximately 650
people in Iowa, Florida, Wisconsin, Tennessee and Missouri.

Alltrista  is a  materials-based  company.  Its plastics  group serves  numerous
fields,  including  healthcare,  consumer,  appliance,  and industrial  markets.
Through  its  metals  group,  Alltrista  is the  leading  supplier  of home food
preservation products,  under the Ball(R),  Kerr(R) and Bernardin(R) brands, and
is the  country's  largest  producer  of zinc  strip  and  fabricated  products,
including coin blanks for the U.S. and foreign mints. Please visit the company's
Web site at www.alltrista.com for further information.

Note: This news release contains forward-looking  statements intended to qualify
for the  Safe  Harbor  from  liability  established  by the  Private  Securities
Litigation Reform Act of 1995,  including  statements  regarding the outlook for
Alltrista's  markets  and the demand for its  products.  These  projections  and
statements are based on management's  estimates and assumptions  with respect to
future  events and  financial  performance  and are  believed to be  reasonable,
though are inherently  uncertain and difficult to predict.  Actual results could
differ  materially  from  those  projected  as a result of  certain  factors.  A
discussion  of factors  that could  cause  results to vary are  included  in the
Company's  periodic  reports filed with the Securities and Exchange  Commission,
including  its Form 10-K for the fiscal year ended  December 31,  2000,  and its
Form 10-Q for the three and six months ended July 1, 2001.