-- Del Monte enters into an agreement to sell its seafood business, including StarKist, to Dongwon Enterprise for -$363 million, subject to a working capital adjustment

-- Sale price represents a multiple of approximately 6 - 7 times the average of the trailing three-year contributed EBITDA of the seafood business

-- Divestiture expected to improve overall margin structure, reduce earnings volatility, and enable Del Monte to focus resources on faster growing, value-added, and higher margin businesses

-- Divestiture expected to be -$0.03 dilutive to Del Monte's original F09 earnings per share from continuing operations guidance of $0.58-$0.62

-- Company now expects F09 EPS from continuing operations guidance to be toward the lower end of its $0.58-$0.62 guidance range

-- Transaction expected to also result in a net after-tax book gain of -$0.15 per share related to discontinued operations

-- Transaction expected to generate net after-tax cash proceeds of -$300 million

-- Proceeds will be applied toward debt reduction to deleverage the balance sheet, reducing projected year-end fiscal 2009 Debt/EBITDA to -3.6x from -4.0x

Del Monte Foods Company (NYSE: DLM) (“Del Monte”) announced that Del Monte Corporation, its wholly-owned subsidiary, has entered into an agreement to sell its seafood business, including StarKist, to Dongwon Enterprise Co., Ltd. (“Dongwon Enterprise”); Dongwon F&B Co., Ltd. (“Dongwon F&B”); and Dongwon Industries Co., Ltd. (“Dongwon Industries”, and collectively with Dongwon Enterprise and Dongwon F&B, “Dongwon”) for $363 million, subject to a working capital adjustment.

“The divestiture of our seafood business, including StarKist, is a significant step in the realignment of our portfolio toward higher margin, higher growth businesses,” stated Rick Wolford, Chairman and Chief Executive Officer. “This divestiture will immediately help improve our margin structure, eliminate a source of earnings volatility and reduce our debt leverage. Importantly, this step is also consistent with our recently announced sharpened strategy targeted to accelerate growth by investing in faster growing, value-added, higher margin branded businesses, supported by our recent marketing-centric organizational realignment. Combined, these factors are expected to position Del Monte for improved earnings performance and sustained growth.”

Wolford continued, “Given the unique dynamics of our seafood business, including its heavy dependence on a single input cost and participation in a comparatively lower growth category, StarKist was no longer an ideal fit for Del Monte, given our sharpened strategic focus going forward. That said, StarKist is clearly an extraordinary business with very strong brand recognition and a loyal consumer base which make it an attractive asset for Dongwon. We believe the work the StarKist team did to improve marketplace performance, including innovation accomplishments, provides a strong foundation for Dongwon to build upon. In sum, we believe that StarKist seafood will thrive with Dongwon, which is strategically focused on leveraging the seafood business model and StarKist’s inherent capabilities.”

“We believe that the acquisition of StarKist seafood will help Dongwon establish a strong foothold and penetration in the U.S. market as we look to drive Dongwon’s initiatives for globalization,” said Ingu Park, Vice-Chairman of Dongwon Enterprise. “We also believe that StarKist seafood will broaden Dongwon’s distribution network and capabilities while fortifying Dongwon’s presence as a leading provider of marine products in the global market. We believe that StarKist is highly complementary to our existing portfolio and to our long history of operating in the seafood business. We look forward to leveraging the skills and knowledge of the talented StarKist team and building upon the great business they have created.”

The divestiture includes the sale of Del Monte’s manufacturing capabilities in American Samoa; Manta, Ecuador; and certain manufacturing assets associated with StarKist seafood located in Terminal Island, California and Guayaquil, Ecuador. Upon closing, all of Del Monte’s direct plant employees related to the seafood business and approximately 34 other salaried positions are expected to join Dongwon. Under the terms of the agreement, upon closing, Del Monte will enter into a two year Operating Services Agreement with Dongwon where Del Monte will provide operational services, such as warehousing, distribution, transportation, sales, IT, and administration, for Dongwon.

About Del Monte Foods

Del Monte Foods is one of the country's largest and most well known producers, distributors and marketers of premium quality, branded food and pet products for the U.S. retail market, generating more than $3.7 billion in net sales in fiscal 2008. With a powerful portfolio of brands including Del Monte®, StarKist®, S&W®, Contadina®, College Inn®, Meow Mix®, Kibbles 'n Bits®, 9Lives®, Milk-Bone®, Pup-Peroni®, Meaty Bone®, Snausages® and Pounce®, Del Monte products are found in nine out of ten U.S. households. The Company also produces, distributes and markets private label food and pet products. For more information on Del Monte Foods Company (NYSE: DLM) visit the Company’s website at www.delmonte.com.