Schreiber Foods

News Release

SCHREIBER FOODS ACQUIRES RASKAS FOODS INC., THE NATION'S LARGEST PRIVATE-LABEL CREAM CHEESE PRODUCER

GREEN BAY, WI, November 1, 2002 - Schreiber Foods Inc. today announced a stock purchase agreement to acquire the cream cheese business and significant assets of Raskas Foods, Inc., headquartered in St. Louis, MO.

The agreement covers Raskas' headquarters, R&D facilities and production facility in St. Louis as well as production facilities in Stephenville, TX and Shippensburg, PA.

Raskas is the industry leader in the production and marketing of private-label cream cheese. It has about 510 employees nationwide. Schreiber Foods is the nation's largest processor and packer of private-label cheese. Together, the combined businesses will have more than 4,000 employees and operate 24 facilities worldwide. Further terms of the transaction, which is effective immediately, were not disclosed.

In announcing the agreement, Larry P. Ferguson, Schreiber Foods President and Chief Executive Officer, said, "Schreiber and Raskas bring together complementary strengths with tremendous potential to deliver innovative dairy products and benefits to food industry customers. Culturally, the two businesses share vitally important core values, including dedication to superior quality and customer service standards. Together, these values provide a strong foundation for continued innovation, dairy industry leadership and future growth."

"The consolidation of the food industry presents progressive suppliers with an opportunity to enhance their value to customers," said Heschel Raskas, president of Raskas Foods. "This is an ideal time for us to align with a larger company that shares our commitment to making high-quality customer-branded products and to helping our customers grow. We are confident that in Schreiber we have found an ideal fit."

"We're especially pleased that Heschel Raskas will remain with us as president, providing continuity of leadership," said Mr. Ferguson. "Stanley Raskas and Simcha Lyons, who have chosen to pursue other interests, will be missed," said Mr. Ferguson. "In recent years, many Raskas successes are due in large part to the hard work, and dedication provided by these fourth-generation descendents of the firm's founder." Mr. Ferguson added that Raskas' officers will be working closely with Schreiber, thus assuring continuity in both customer relationships and cream cheese expertise. "Beginning today, teams from both companies are working hard to make certain that the integration of Raskas and Schreiber operations is mutually supportive and invisible to customers."

Headquartered in Green Bay, Wisconsin, Schreiber Foods, Inc. is a privately held company with sales over $2 billion, which manufactures and markets processed and natural cheese and dairy products, to the foodservice and retail markets. Its products are primarily sold through private label distribution programs. Schreiber distributes its products from 21 facilities across the United States, Germany, Mexico, and Brazil.