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RYE, N.Y., Aug. 19 / -- Jarden Corporation (NYSE: JAH) has entered into a definitive purchase agreement to acquire privately held Lehigh Consumer Products Corporation ("Lehigh") for approximately $155 million in cash. Lehigh is the largest supplier of rope, cord and twine for the U.S. consumer marketplace and is a leader in innovative storage and organization products for the home and garage as well as products in the security door and fencing market. The transaction is expected to close during the third quarter, subject to Hart-Scott-Rodino approval and other customary conditions. The acquisition is expected to be accretive to earnings in 2003.

Lehigh supplies consumer products to the home improvement and do-it-yourself ("DIY") markets under the well-recognized brand names Crawford(R), Lehigh(R), Samson(R), Storehorse(R), Ultra-Hold(R), M&K(R) and Leslie-Locke(R). During the twelve month period ended June 30, 2003, Lehigh generated revenue of approximately $130 million and has historically achieved earnings before interest, taxes, depreciation and amortization (EBITDA) margins in the range of 15% to 20%.

Martin E. Franklin, Chairman and Chief Executive Officer, said, "We continue to execute our acquisition strategy to grow and diversify our portfolio of niche consumer products used in and around the home. Lehigh's stable, proven management team, history of strong earnings, and leading market shares in its respective niche markets fits perfectly with our established criteria for growth. Not only does this acquisition further diversify our revenue stream but it also provides significant cross-selling opportunities to our established retail customer base and adds complementary distribution channels to our existing distribution network. We welcome the Lehigh team and look forward to a strong future together."

Jarden intends to finance the acquisition through borrowings under its amended and restated credit facility, which will include a new institutional term loan (Term Loan B) and a draw under the Company's revolving credit facility. In addition to the $155 million purchase price, the agreement includes an earn-out provision with a total potential payment in cash or Jarden common stock of up to $25 million payable, provided that certain growth targets are met.

Lehigh, under the leadership of its President, Fred Keller will be part of Jarden's growing Branded Consumables division. Lehigh is headquartered in Macungie, Pennsylvania and has approximately 500 employees. Regarding the acquisition, Mr. Keller stated, "I am truly excited about Lehigh becoming part of Jarden. Their reputation in the industry as a leader in consumer products is solid and their portfolio of businesses offers unique cross selling opportunities for the Lehigh product lines. Additionally, Jarden's financial strength will support our continued growth and product introduction plans. I look forward to a smooth transition process and becoming part of the Jarden team."

Jarden Corporation is a leading provider of niche consumer products used in and around the home under well-known brand names including Ball(R), Bernardin(R), Diamond(R), FoodSaver(R), Forster(R) and Kerr(R). In North America, Jarden is the market leader in several categories, including home canning, home vacuum packaging, kitchen matches, branded retail plastic cutlery and toothpicks. Jarden also manufactures zinc strip and a wide array of plastic products for third party consumer product and medical companies, as well as its own businesses.

Note: This news release contains "forward-looking statements" within the meaning of the federal securities laws and is intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements regarding the outlook for Jarden's markets and the demand for its products. These projections and statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those projected as a result of certain factors. A discussion of factors that could cause results to vary is included in the Company's periodic and other reports filed with the Securities and Exchange Commission.

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