CTB International Expands Share Repurchase Program by 500,000 Additional Shares.

Business Editors

MILFORD, Ind.--(BUSINESS WIRE)--Sept. 20, 2001

CTB International Corp. (Nasdaq:CTBC) today announced that its board of directors has approved the expansion of its stock repurchase program to 3.0 million shares from the 2.5 million total shares announced previously.

The manufacturer of systems for the poultry, hog, egg production, and grain industries plans to buy shares periodically on the open market or in negotiated transactions off the market over an indefinite period. As of September 20, 2001, CTB had repurchased in excess of 2.4 million shares under its existing repurchase program first announced in October 1997 and subsequently expanded.

"We believe expanding our share repurchase program at this time is the right thing to do in support of our country and its economy as well as to show our confidence in CTB's strong financial condition and its strategy for future growth," said Victor A. Mancinelli, president and chief executive officer of CTB. "We continue to believe that our stock price does not reflect CTB's long-term value."

CTB continues to focus on its strategy of emerging as the best cost manufacturer in the industries it serves, emphasizing its product-driven focus, expanding its global physical presence, extending its competitive advantage through accretive acquisitions and/or other beneficial business arrangements, and enhancing its financial strength.

Founded in 1952, CTB operates from facilities in the U.S.A., Europe and Latin America as well as through a worldwide distribution network. The Company's web address is www.ctbinc.com.

Disclosure Regarding Forward-Looking Statements

In addition to historical information, this document contains certain statements representing the Company's expectations or beliefs concerning future events. These statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a safe harbor for such statements. The use of words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "projects," "could," "may," "will" or similar expressions are intended to identify these statements. The forward-looking statements contained in this document include, without limitation, statements related to execution of business strategies. They also involve certain risks and uncertainties regarding CTB International Corp.'s business and operations and the agriculture industry. The Company's actual results could differ materially from those expressed or implied by such forward-looking statements. The Company cautions that these statements are further qualified by other important factors, including, but not limited to those set forth in the Company's Form 10-K filing and its other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update this information.