BERWIND GROUP TO ACQUIRE ELMER’S PRODUCTS

Elmer’s along with Hunt Corporation to form Berwind’s Consumer Products Platform

PHILADELPHIA, PA, October 16, 2003 - The Berwind Group announced today that it has reached an agreement to acquire Elmer’s Products, Inc. (Elmer’s) from an affiliate of Kohlberg Kravis Roberts & Co. The transaction is expected to be completed by early November 2003. J.P. Morgan Securities, Inc. advised Berwind in the transaction.

Headquartered in Columbus, OH, Elmer’s is a manufacturer and distributor of branded consumer adhesives under the brand names ELMER’S®, ROSS® and KRAZY GLUE®. Elmer's has been producing the most well known line of consumer adhesives for over fifty years.

Elmer’s will become part of Berwind’s new consumer products platform, which was established in 2002 with the acquisition of Hunt Corporation. Headquartered in Philadelphia, PA, Hunt is a manufacturer and marketer of innovative office products and presentation and display solutions for business, education and consumer markets with well-known product brand names such as X-ACTO®, BOSTON®, and BIENFANG®.

The combination of Elmer’s and Hunt squarely positions the platform as a leading branded consumer products company with an exceptional portfolio of strong brands and distribution throughout the office products, craft and hardware segments.

An integration team comprised of Hunt and Elmer’s employees will be formed at the time of closing. That team will be responsible for quickly developing recommendations with respect to all facility locations.

The Berwind Group is a privately held, family owned investment management company dedicated to long-term capital appreciation. With its roots dating to 1868, Berwind has grown from its beginning as a mining company to a $2.5 billion diversified portfolio of manufacturing and services companies. Headquartered in Philadelphia with 3,500 employees worldwide, Berwind operates under a decentralized business model, offering management strategic and operating autonomy, while providing capital to support their business plans.

Contacts:

Van Billet
Vice President & Chief Financial Officer
The Berwind Group
215-575-2418

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