CCPC Acquisition Corp. Completes Acquisition of EKCO Group, Inc.

WILMINGTON, Del.--(BUSINESS WIRE)--Sept. 17, 1999--

CCPC Acquisition Corp. (the parent of Corning Consumer Products Company) today said that it successfully completed its previously announced acquisition of EKCO Group, Inc. as of yesterday, September 16.

In the transaction, EKCO Group merged with CCPC Acquisition. As a result of the merger, each share of EKCO Group common stock not previously purchased in CCPC Acquisition's tender offer for all of the shares of EKCO Group, which expired on September 8, was converted into the right to receive the same purchase price of $7.00 in cash. The total transaction is valued at approximately $310 million, including approximately $142 million for the EKCO Group shares and the balance for the assumption of EKCO Group debt.

CCPC Acquisition anticipates the sale later this month of EKCO Group to its subsidiary, CCPC Holding Company, Inc., as well as the integration of the EKCO Group businesses with Corning Consumer Products Company. The final terms and conditions of the sale have not yet been determined. The sale will not include the EKCO Group pest control products, small-animal care and control products, and pet supplies and accessories.

Peter F. Campanella, President and Chief Executive Officer of Corning Consumer Products, said, "Our objective is to generate investor returns by leading the industry in a broad range of kitchen housewares products. Today's acquisition is a big step in our housewares buildup, and we'll grow again during the fourth quarter, when we expect to complete the pending acquisition of General Housewares Corp."

"Corning Consumer Products is already focusing on a seamless integration of the businesses," Campanella continued, "and how we can put our greater size and scope to work to be not only a stronger partner with retailers, but also the kitchen housewares supplier that consumers look to first for quality, innovation and value."

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 the investment firm Kohlberg Kravis Roberts & Co.

Headquartered in Elmira, N.Y., Corning Consumer Products Company markets housewares 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.

EKCO Group, Inc. is a leading manufacturer and marketer of branded consumer products that are broadly marketed primarily through major mass merchant, supermarket, home, hardware, specialty and department stores. The household products line includes EKCO, Baker's Secret and Farberware bakeware, EKCO kitchenware, pantryware, brooms, brushes and mops. Other products, which will not be included in the sale of EKCO Group to CCPC Holdings, include nonpoisonous and low-toxic household pest control products, small-animal care and control products, and pet supplies and accessories. EKCO Group posted sales of $328 million in fiscal 1998.

Based in Terre Haute, Indiana, General Housewares is a leading manufacturer, marketer and distributor of products for the housewares and craft/hardware market. Its well-known products include the OXO line of high-end kitchen tools sold in department, gourmet and specialty stores, Chicago Cutlery and other cutlery brands, Grilla Gear barbecue tools, Olfa precision cutting tools and OLO rolling scissors. Annual sales were $97 million in 1998.

Certain of the matters discussed in this press release are forward-looking statements made pursuant to the safe-harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in CCPC Holding Company, Inc.'s and EKCO Group, Inc.'s filings with the Securities and Exchange Commission. We assume no obligation to update such estimates except as required by the Rules and Regulations of the Securities and Exchange Commission.