TOOTSIE ROLL INDUSTRIES AGREES TO ACQUIRE CONCORD CONFECTIONS

ANOTHER LEADING COMPANY TO JOIN
FAMILY OF GREAT CANDY BRANDS

CHICAGO, AUGUST 11, 2004 --- Tootsie Roll Industries, Inc., today announced that it signed a definitive agreement to purchase the assets of Concord Confections Inc. of Toronto, Canada for U.S. $197 million plus an additional U.S. $20 million to discharge Concord indebtedness. Concord is a market leader in the bubble gum category and its products are sold primarily under the Dubble Bubble brand.

The purchase price will be paid in cash sourced primarily from short-term bank financing, which is expected to be repaid in approximately two years from funds that become available as currently held short-term investment securities mature and from operating cash flow. The transaction is subject to customary closing conditions, including termination of the Hart-Scott-Rodino Act waiting period in the United States.

"We are excited to add Dubble Bubble and Concord's other well-known brands to the Tootsie Roll Industries' family of products," said Melvin J. Gordon and Ellen R. Gordon, Chairman and President, respectively, of Tootsie Roll Industries. "The agreement to acquire Concord underscores our belief that strong brands will continue to contribute to the long-term success of our company."

"Concord is well known for exceptional quality and Dubble Bubble is one of the top selling bubble gum brands since its introduction in 1928. We look for products that have a special bond with consumers when bringing new brands into the Tootsie Roll Industries' family."

As part of the transaction announced today, Tootsie Roll Industries, Inc., will acquire substantially all of Concord's assets, including its three manufacturing facilities. Concord had net sales of approximately Canadian $116 million in the fiscal year ended December 31, 2003. Tootsie Roll Industries' 2003 net sales were approximately U.S. $393 million.

About Tootsie Roll Industries, Inc.
Tootsie Roll Industries, Inc. is one of the country's largest candy companies with headquarters in Chicago, operations in Tennessee, Illinois, Massachusetts, Wisconsin, Mexico and Canada and sales in Europe, the Middle East, Central America and the Pacific Rim. The company sells many well-known branded products including Tootsie Rolls, Tootsie Pops, Caramel Apple Pops, Child's Play, Charms, Blow Pops, Blue Razz, Andes Crème de Menthe, Cella's Chocolate Covered Cherries, Mason Dots, Mason Crows, Junior Mints, Junior Caramels, Charleston Chew, Sugar Daddy, Sugar Babies and Fluffy Stuff Cotton Candy.

Tootsie Roll products have been manufactured and sold in the United States since 1896 and have been a part of Americana for almost eleven decades. For more information about the Company, see the Company's website on the Internet at: http://www.tootsie.com.

Forward-Looking Statements
The statements set forth in this press release which are not historical facts, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by the forward-looking statements. For additional information about risks and uncertainties that could adversely affect the Company's forward-looking statements, please refer to the Company's filings with the Securities and Exchange Commission.