Schreiber Foods

News Release

SCHREIBER FOODS ACQUIRES LEVEL VALLEY CREAMERY

GREEN BAY, Wis., July 15, 2004 – Schreiber Foods today announced the acquisition of Level Valley Creamery, based in West Bend, Wis. The stock purchase agreement includes plants in Nashville, Tenn., and West Bend.

Level Valley is a leading private-label producer of cream cheese, sweetened condensed milk, butter, anhydrous milk fat, and milk powders. Founded in 1897 as a dairy cooperative, the company today is an award-winning dairy processor with more than 225 employees.

In announcing the agreement, Larry P. Ferguson, Schreiber’s President and Chief Executive Officer, said, “The acquisition gives Schreiber further depth and breadth as a dairy industry leader. The combined strengths of the two organizations will enable us to serve our customers better than ever.”

Al Costigan, Level Valley’s President and Chief Executive Officer, said: “There’s a lot of synergy between the two organizations. With Schreiber’s broader product line, service capability and distribution network, we’ll be able to delight customers in ways that simply were not possible when Level Valley was operating independently.”

Costigan and his partners – Dick Rosenbalm and Bill Koch – will stay with Schreiber. “We’re particularly pleased that Al and his partners have agreed to stay on and manage the Level Valley operations,” Ferguson said. “Their presence will help ensure a seamless integration for our customers.”

Further terms of the transaction, which is effective immediately, were not disclosed. Both companies are privately held.

Headquartered in Green Bay, Schreiber is a privately held dairy company with sales in excess of $2 billion. Its products – which include process, natural, cream and specialty cheese – are sold primarily through customer brand distribution programs. Schreiber has more than 4,000 employees working at sales, processing, distribution and administrative facilities in the United States, Brazil, Germany, India and Mexico.