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BALL CORPORATION SETS SPIN-OFF DISTRIBUTION DATE AT APRIL 2; ALLTRISTA BEGINS TRADING MARCH 24

 MUNCIE, Ind., March 23 /PRNewswire/ -- Ball Corporation (NYSE: BLL) directors today approved the distribution and declared a dividend of the stock of Alltrista Corporation to shareholders of record at the close of business on April 2, 1993. Ball earlier received a ruling from the IRS that the spin-off will be a tax-free transaction for Ball and its shareholders. Ball shareholders will receive one share of Alltrista stock for each four shares of Ball stock held on that date.
 Shares in Alltrista Corporation will begin trading on a when-issued basis March 24 on the NASDAQ National Market System under the ticker symbol "JARS". Commencing with the close of business on April 2, Alltrista will operate as an independent company.
 Delmont A. Davis, Ball's president and chief executive officer, said delivery of Alltrista stock certificates will begin on April 5. Starting on March 29, Ball's stock will trade on the New York Stock Exchange through April 5 with "due bills" attached. On April 6, Ball's stock will be traded ex-dividend.
 Ball announced the pending spin-off on August 19, 1992. The new company will consist of seven businesses, all of which had been in its diversified products segment. The combined operations had 1992 sales of $268.6 million. William L. Peterson serves as president and chief executive officer. Peterson formerly was Ball's vice chairman and chief financial officer and since August 19 has been vice chairman and executive vice president, while leading the organization of the new company.
 Alltrista's two business segments will include metal products, incorporating the metal decorating and services and zinc products operations; and food containers, consisting of the consumer products (principally Ball home canning products) and plastic packaging divisions. Other operations include industrial plastics, Unimark plastics and industrial systems businesses.
 In a letter to Ball shareholders, Davis and Alvin Owsley, chairman of the board, said, "The spin-off is expected to solve certain competitive conflicts between Alltrista's businesses and the businesses to remain with Ball. It will permit Ball to focus on its larger core businesses and, at the same time, permit management of Alltrista to adopt strategies and pursue objectives appropriate for its specific businesses that were difficult under Ball's present combined structure."
 Ball Corporation manufactures metal and glass containers for the beverage and food industries and provides aerospace systems and professional services to government and commercial customers. The company had 1992 sales of $2.2 billion.
 -0- 3/23/93
 /CONTACT: Brad Wilks, 317-747-6165 or 317-282-6198, after hours; or Larry Miller, 317-747-6170 or 317-286-5856, after hours; both of Ball Corporation/
 (BLL)


CO: Ball Corporation ST: Indiana IN: PAP ARO SU: DIV

BM -- CL008 -- 8687 03/23/93 12:58 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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