[OBJECT OMITTED]

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

--------------------------------------------------------------------------------

            ALLTRISTA CORPORATION TO REORGANIZE HEAD OFFICE FUNCTION


RYE, NY - October 15, 2001 - Alltrista  Corporation  (NYSE: ALC) announced today
the closing of its Indianapolis,  Indiana corporate office.  Corporate functions
are scheduled to be transitioned  to the Company's new  headquarters in Rye, New
York and the Company's consumer products division in Muncie,  Indiana by January
31, 2002. The Company  anticipates  savings of approximately $3 million annually
as a result of this action.

     The  Company  expects to record a number of  non-recurring  charges  during
2001,   including  charges  related  to  the  reorganization  of  the  corporate
headquarters and the announced divestiture of substantially all of the Company's
thermoforming  operations.  In  connection  with this  divestiture,  the Company
expects to  renegotiate  its current  financing  arrangements.  The Company also
announced  that it has withdrawn its earnings  guidance for 2001,  most recently
discussed in a July 2001 conference call on second quarter results.

     The Company has terminated its agreement with Bear,  Stearns & Co., Inc. to
pursue a review of strategic options and plans to focus on building  Alltrista's
core businesses,  which have enjoyed a long history of profitable operations and
strong cash flows.

     The Company plans to hold a conference  call on November 9, 2001 to discuss
the  announced  developments  as  well  as its  third  quarter  results  and new
strategic direction.

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.