ELMIRA, N.Y. and TERRE HAUTE, Ind.--Aug. 2, 1999--Corning Consumer Products
Company and General Housewares Corp. (NYSE:GHW) today announced the signing
of a definitive merger agreement for CCPC Acquisition Corp. (the parent of
Corning Consumer Products) to acquire General Housewares for $28.75 per
share in cash in a transaction valued at approximately $145 million,
including assumption of debt. The per-share price represents a 40 percent
premium over the closing price of $20.50 per share in NYSE trading on July
30.

The transaction has been approved by the Board of Directors of General
Housewares and is subject to the approval of the company's shareholders at
a special meeting. The merger would be effected promptly following such
approval, and each common share of General Housewares would be converted
into the right to receive $28.75 in cash. The completion of the merger,
which is expected to occur in the fourth quarter of 1999, is also subject
to customary government filings and other customary closing conditions.

Peter F. Campanella, President and Chief Executive Officer of Corning
Consumer Products, said, "General Housewares has an outstanding lineup of
useful kitchen and other household products, including well-known brands
led by OXO, Chicago Cutlery, Olfa, Grilla Gear and OLO. They're a great
complement to our Corelle, Corningware, Pyrex, Revere and Visions product
lines. Together we'll be a powerhouse in the kitchen housewares category --
offering retailers a broader range of products and achieving synergies for
retailers, consumers and ourselves in everything from design through
distribution."

Paul A. Saxton, General Housewares' Chairman, President and Chief Executive
Officer, said, "The management and directors of General Housewares have
always focused on maximizing shareholder value. This merger transaction
increases the value of our shareholders' investment significantly. We're
particularly pleased to be merging with a leading, respected firm like
Corning Consumer Products."

Corning Consumer Products Company has been an affiliate of Borden, Inc. and
a member of the Borden Family of Companies since April 1998. Each member of
the Borden Family is privately owned by its own management and by
affiliates of investment firm Kohlberg Kravis Roberts & Co. Borden, Inc.
provides significant management and financial control across the family.

"Kitchen housewares is an exciting value-building opportunity," said C.
Robert Kidder, Chairman and Chief Executive Officer of Borden, Inc. "The
acquisition of General Housewares is just one step by Corning Consumer
Products in building a broader and stronger business platform, through
internal growth initiatives and potentially more acquisitions."

General Housewares Corp. is a leading manufacturer, marketer and
distributor of products for the housewares and craft/hardware markets.
Annual sales were $97 million in 1998. Headquartered in Terre Haute and
employing approximately 325 people, the company manufactures cutlery at
Wauconda, Illinois, while sourcing other products from third-party
manufacturers. Distribution is predominantly in North America.

Corning Consumer Products Company, headquartered in Elmira, N.Y., markets
houseware products under the Corningware, Corelle, Revere, Pyrex and
Visions brand names. The company posted sales of $533 million in 1998,
employs approximately 3,000 people and has facilities in Asia, Australia,
Latin America and the United States.

     CONTACT:  Corning Consumer Products
               David T. Lanzillo, 607/377-8259
               lanzillodt@ccpci.com
                        or
               General Housewares
               Raymond J. Kulla, 812/232-1000, Ext. 5289