Fremont Partners' Portfolio Company Completes Add-on Acquisition.

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--Aug. 14, 2003

Kerr Group, Inc. ("Kerr" or the "Company"), a Fremont Partners portfolio company and leading provider of specialty plastic closures and containers to the pharmaceutical, healthcare and food and

beverage industries, today completed its acquisition of substantially all the operating assets of Setco, Inc. ("Setco") and Tubed Products Inc. ("Tubed Products") from McCormick & Company Incorporated ("McCormick" NYSE:MKC). The acquisition of Setco and Tubed Products strengthens Kerr's position as one of North America's top specialty plastic packaging companies and diversifies its plastic packaging portfolio. Additionally, the Company has entered into a multi-year supply agreement with McCormick.

Under terms of the sale agreement, Kerr paid $132.5 million in cash for McCormick's packaging business including the assumption of trade liabilities. The agreement also included an earn-out provision whereby Kerr will pay McCormick additional consideration based on meeting certain performance objectives. In support of the acquisition, Wells Fargo, NA arranged a $245.0 million credit facility, and Fremont Partners contributed additional equity capital.

"Setco and Tubed Products provide Kerr with highly complementary products, and we see the opportunity to effectively cross sell products to a larger combined customer base. The positive reception of the new credit facility and its heavy oversubscription indicate that the market sees the strategic and financial benefits of the acquisition," said David P. Lorsch, a Principal with Fremont Partners.

Setco and Tubed Products develop, manufacture and market high quality custom and stock plastic bottles, squeeze tubes, and closures for the vitamin, pharmaceutical, food and spice, and personal care markets.

Fremont Partners, through its $605 million 1996 fund, acquired the outstanding shares of NYSE-listed Kerr through a public tender offer in August 1997 and subsequently financed Kerr's acquisition of publicly traded Sun Coast Industries, Inc. in March 1998.

About Setco, Inc. and Tubed Products Inc.

Setco and Tubed Products have approximately 1,400 employees in plant locations in Anaheim and Oxnard, California; Monroe Township, New Jersey; and Easthampton, Massachusetts.

About Kerr Group, Inc.

Kerr designs and manufactures highly-engineered, proprietary, injection and compression molded plastic closures and containers that incorporate functional features such as child-resistance and tamper-evidence. Kerr is a recognized market leader in technological innovation and proactively works with its customers to design and manufacture closures and containers to serve specific product needs. In the pharmaceutical market, Kerr partners with its customers in designing packaging which meets or exceeds regulatory requirements. Kerr is majority-owned by Fremont Partners.

www.kerrgroup.com

About Fremont Partners

Fremont Partners is a San Francisco-based private equity firm focused solely on investments in middle market companies. Fremont Partners makes substantial equity investments in operating companies with enterprise values up to $1 billion, looking to deploy a minimum of $75 million in each transaction. Fremont Partners invests across a diverse range of industries, including food and consumer products, healthcare and medical devices, building products, business services, specialty packaging, specialty finance, and industrial manufacturing. Fremont Partners has invested over $1 billion in 18 primary acquisitions, representing a total transaction value of approximately $4 billion.

www.fremontpartners.com