International Home Foods to Acquire Clover Leaf and Paramount, Canada's Leading Canned Seafood Brands.

PARSIPPANY, N.J.--(BUSINESS WIRE)--January 4, 1999--

- Integration of Brands into IHF's Bumble Bee Seafoods Unit

Will Create Numerous Synergies in Canned Seafood Business -

International Home Foods, Inc. (NYSE: IHF) today announced that it has entered into a definitive agreement to acquire the canned seafood brands and business of British Columbia Packers from George Weston Ltd. of Canada. Financial terms of the transaction, which is expected to be completed before the end of January, were not disclosed. It is expected that the acquisition will be accretive to International Home Foods' earnings in 1999.

The acquired business, with 1998 revenues of approximately Cdn$200 million, includes Clover Leaf and Paramount, Canada's number one brands of white and light meat tuna, and red and pink salmon. The business also has a strong presence in the United Kingdom and South Africa through private label sales of canned tuna to major supermarket chains in both countries.

International Home Foods will integrate the Clover Leaf and Paramount brands and business into its Bumble Bee Seafoods unit and assume full marketing and distribution responsibilities for the brands. In addition, IHF's existing Canadian operation will provide administrative and warehousing support. British Columbia Packers will retain ownership of its packing plants and as part of the transaction, International Home Foods has entered into a long-term agreement under which British Columbia Packers will provide canned salmon to Bumble Bee.

C. Dean Metropoulos, Chairman and Chief Executive Officer of International Home Foods, said: "The acquisition of the Clover Leaf and Paramount brands presents several outstanding opportunities for International Home Foods. The brands are an ideal strategic fit with our Bumble Bee business, as they help to extend our leadership position in all canned seafood segments throughout Canada and introduce us to the British and South African markets. Moreover, the acquisition will strengthen our global sourcing and purchasing effort, and increase tuna packing volume in our Bumble Bee plants. We look forward to integrating these fine brands into Bumble Bee and International Home Foods."

Statements contained in this press release which are not historical facts are forward-looking statements. Such forward-looking statements are necessary estimates reflecting the best judgment of the party making such statements based upon current information and involve a number of risks and uncertainties. Forward-looking statements contained in this press release or in other public statements of the parties should be considered in light of those factors. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.

International Home Foods, Inc. is a nationally prominent manufacturer, distributor and marketer of food products. Its significant established brands include Chef Boyardee(R) prepared foods, Bumble Bee(R) canned seafood, PAM(R) cooking spray, Libby's(R) canned meats, Polaner(R) fruit spreads and spices, Gulden's(R) mustard, Crunch `n Munch(R) glazed popcorn, Campfire(R) marshmallows and crisped rice bars, Ro

el(R) tomatoes with green chilies,
Dennison's(R) chili, and Ranch Style(R) and Luck's(R) beans.