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Western Acquisition is Significant Step to S. Walter Packaging's Strategic Plan

Philadelphia, PA, October 30, 2006 - the senior management of S. Walter Packaging (SWP) announced today that they have acquired both Armor Packaging of Los Angeles and Germain Packaging of San Diego (A-GP). Both SWP and the new acquisitions are leading companies in providing premium retail packaging. Terms of the transaction were not disclosed.

This acquisition marks another step in SWP's aggressive strategic plan to expand through both "organic growth" and targeted acquisitions. These acquisitions will also solidify plans to balance their growth in sales and distribution on the West Coast and complete their "National Packaging Network" of sales and distribution. SWP acquired A-GP as a part of the ongoing strategy to "Carry Their Brand Further." With an average of 20 to 25% growth each year over the last five years this acquisition will contribute about 15% to this years growth taking SWP over the $75MM mark in sales.

Armor Packaging, like SWP is a family run business. Rick Wilson, former president of A-GP, will continue with S. Walter Packaging as vice president in Los Angeles. Richard Weiner will be executive vice president in the San Diego facility. Most of the current staff will also be joining SWP and continuing their sales efforts on the West Coast.

"In analyzing this transaction, we looked at Armor and Germain's customer base and the west coast markets served along with its capabilities and reputation. A-GP's considerable strengths in these areas, together with its two major California locations, made it a perfect fit for S. Walter Packaging as we work towards substantially increasing the balance of our business, expansion of our product line and services offered," said Andy Wilson, S. Walter Packaging's CEO. "Our combined nationwide customer base will enjoy expanded capabilities and capacity that were not available previously. We will streamline the West Coast operation by consolidating with distribution and sales in L.A. and Administration and sales in San Diego"

Rick Gettlin, CFO of S. Walter Packaging, said, "We believe that A-GP is well positioned to capitalize on the significant opportunity that exists in the West Coast market. Our plan is to provide every need to help SWP achieve its objective of growing its business and solidify its competitive positioning nationwide. The acquisition of A-GP, coupled with SWP's organic growth initiatives, marks a very strong step to the realization of this strategy."

SWP has provided creative ideas, distribution solutions and distinctive packaging to retailers since 1904 through long-term partnerships with excellent customers throughout the U.S. and Canada. The Company has facilities nationwide- six distribution centers and numerous sales offices in the U.S. and in Canada. Corporate headquarters are located in Philadelphia, Pennsylvania.