EXHIBIT 99-1

Alltrista  Corporation  Announces Acceptance in Principle of $18 Per Share Offer
and Related Exclusive Negotiation Period

Alltrista  Corporation  Also Announces the Postponement of its Annual Meeting of
Shareholders Presently Scheduled for June 1, 2001

INDIANAPOLIS,  Ind., May 7,  2001-Alltrista  Corporation  (NYSE:  ALC) announced
today that it has signed a letter of intent to accept the $18 per share proposal
tendered by Marlin  Partners II, L.P. and has  committed to a related  exclusive
negotiation  period  through June 29, 2001. The letter of intent is subject to a
number of conditions,  including the execution of a definitive agreement,  final
due diligence and committed financing.

Alltrista Corporation Chairman, President and Chief Executive Officer, Thomas B.
Clark, commented,  "Marlin Partners has participated in the Company's process of
strategic  options  review,  including due diligence,  and in April  submitted a
formal  proposal  of $18 per  share.  We look  forward to  working  with  Marlin
Partners  and its  financing  sources over the next  several  weeks,  and we are
hopeful that a definitive agreement can be announced in the near future."

Martin  E.  Franklin,  general  partner  of  Marlin  Partners,  stated,  "We are
delighted  that we have  reached  agreement  with  the  Board  of  Directors  of
Alltrista to acquire the Company.  We believe the  acceptance of our proposal is
in the best interest of shareholders and the Company. We look forward to working
closely with management to complete our due diligence,  while proceeding towards
completing a transaction during the third quarter of this year."

In light of the letter of intent and the period of exclusive  negotiations,  the
Company also announced that its  shareholder  meeting,  presently  scheduled for
June 1, 2001,  will be postponed to a later date so that full  attention  may be
given to the proposed acquisition by Marlin Partners.

Alltrista is a materials-based  company.  Its plastics operations serve numerous
fields, including healthcare,  consumer, appliance, motor vehicle and industrial
markets.  Through its metals  group,  Alltrista is the leading  supplier of home
food preservation products,  under the Ball(R), Kerr(R) and Bernardin(R) brands,
and is the country's  largest  producer of zinc strip and  fabricated  products,
including coin blanks for the U.S. and foreign mints. Please visit the Company's
Web   site   at   www.alltrista.com   (http://www.alltrista.com)   for   further
information.


Note: This news release contains forward-looking  statements 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
Alltrista'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 are  included  in the
Company's  periodic  reports filed with the Securities and Exchange  Commission,
including its Form 10-K for the fiscal year ended December 31, 2000.


Contact: Kristin Clauss 317.577.5015 or kclauss@alltrista.com