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                                                                    EXHIBIT 99.1


MARCH 26, 2001             COMPANY PRESS RELEASE         SOURCE: FLOWERS FOODS

FLOWERS FOODS, INC. SPIN-OFF COMPLETED; KELLOGG ACQUIRES KEEBLER

THOMASVILLE, GA-Flowers Foods, Inc. (NYSE: FLO) today announced the completion
of its spin-off from Flowers Industries, Inc. and Kellogg Company's simultaneous
acquisition of Keebler Foods Company through the merger of Flowers Industries
with a wholly-owned subsidiary of Kellogg. As a result of the spin-off of
Flowers Foods, which includes Flowers Bakeries and Mrs. Smith's Bakeries,
Flowers Industries' sole asset at the time of the merger was its majority
ownership interest in Keebler.

Under the terms of the spin-off and merger, Flowers Industries shareholders will
receive a cash payment expected to be $12.50 per share and one share of Flowers
Foods common stock for every five shares of Flowers Industries common stock they
own.

"These related transactions deliver excellent value to Flowers Industries
shareholders from its Keebler investment and at the same time enable Flowers
Foods to continue as a financially stronger entity focused on Flowers' core
strengths in its Flowers Bakeries and Mrs. Smith's Bakeries divisions," said
Amos R. McMullian, Flowers Foods' chairman of the board and chief executive
officer. "We believe Flowers Foods will be well-positioned to create value for
shareholders by continuing to grow in the baked foods market."

Cash Payment to Shareholders

Direct Ownership--Shareholders who own their shares directly will exchange their
existing Flowers Industries shares for cash. Detailed instructions will be sent
in several days to those shareholders who hold their shares directly on how to
exchange their stock certificates for the cash payment.

Ownership Though Bank or Broker--Shareholders who own their shares through a
bank or broker will not be required to take any action to receive the cash,
since the bank or broker will process the exchange on behalf of its customers.

Delivery of Flowers Foods Shares

Flowers Industries shareholders will receive their shares of Flowers Foods
common stock automatically-no action is required on the part of the shareholder.
Flowers Foods will promptly send to shareholders a statement evidencing their
shares in the new company.

Flowers Industries Debentures

In connection with the spin-off and merger, the $199,797,000 in principal amount
of the $200 million in aggregate principal amount of 7.15% Debentures due 2028
of Flowers Industries that were tendered pursuant to Flowers Industries' fixed
spread tender offer for the Debentures were


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accepted and paid for. The remaining $203,000 in principal amount of Debentures
that were not tendered in the offer remain outstanding as obligations of Flowers
Industries, which is now a wholly-owned subsidiary of Kellogg Company.

Adoption of Shareholder Rights Plan

Flowers Foods also announced today that its board of directors has adopted a
shareholder rights plan that provides for rights to be issued to shareholders of
record on March 26, 2001.

"This action was taken after careful study," said McMullian. "The new plan is
intended to protect the company and its shareholders from potentially coercive
takeover practices or takeover bids that are inconsistent with the interests of
the company and its other constituencies."

Under the plan, the rights will initially trade together with Flowers Foods
common stock and will not be exercisable. In the absence of further board
action, the rights generally will become exercisable and allow the holder to
acquire common stock at a discounted price if a person or group acquires 15
percent or more of the outstanding shares of Flowers Foods common stock. Rights
held by persons who exceed the applicable threshold will be void. In certain
circumstances, the rights will entitle the holder to buy shares in an acquiring
entity at a discounted price.

Flowers Foods' board of directors may, at its option, redeem all rights for $.01
per right generally at any time prior to the rights becoming exercisable. The
rights will expire on March 26, 2011, unless earlier redeemed, exchanged, or
amended by the board of directors.

The issuance of the rights is not a taxable event, will not affect Flowers
Foods' reported financial condition or results of operations (including earnings
per share) and will not change the way in which Flowers Foods common stock is
traded.

Credit Facility

In connection with the spin-off, Flowers Foods obtained a $380 million credit
facility through Bankers Trust Company as Administrative Agent and SunTrust Bank
as Syndication Agent. The facility is secured by substantially all of the assets
of Flowers Foods and is comprised of a four-year $100-million term loan; a
six-year $150-million term loan; and a $130-million revolving credit facility.

About Flowers Foods

Flowers Foods will trade on the New York Stock Exchange under the symbol FLO.
Headquartered in Thomasville, Ga., Flowers Foods is one of the nation's leading
producers and marketers of packaged bakery foods for retail, foodservice,
in-store bakery, institutional and vend customers. These products are sold under
such brands as Mrs. Smith's, Nature's Own, and Cobblestone Mill.

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Statements contained in this press release that are not historical facts are
forward-looking statements. All forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ from those
projected. Other factors that may cause actual results to differ from the
forward-looking statement contained in this release and that may affect the
company's prospects in general include, but are not limited to, changes in
general economic and business conditions (including the baked foods markets),
and such other factors as are described in the company's filings with the
Securities and Exchange Commission.