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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
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CURRENT REPORT
Pursuant To Section 13 or 15(d) Of The Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): September 11, 1995
CONTINENTAL CAN COMPANY, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-6690 11-2228114
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(State of Incorporation) Commission File Number (I.R.S. Employer
Identification No.)
One Aerial Way, Syosset, New York 11791
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(Address of principal executive offices) Zip Code
(516) 822-4940
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
See exhibits.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
(99) Press Release dated September 11, 1995.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CONTINENTAL CAN COMPANY, INC.
(REGISTRANT)
By: /s/ Abdo Yazgi
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Abdo Yazgi
Executive Vice President
DATED: SEPTEMBER 19, 1995
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Exhibits
(99) CONTACT: Donald J. Bainton, CEO, or
Abdo Yazgi, EVP FOR IMMEDIATE RELEASE
(516) 822-4940 ---------------------
CONTINENTAL CAN COMPANY, INC. ANNOUNCES RESTRUCTURING AT FEREMBAL
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SYOSSET, N.Y. -- SEPTEMBER 11, 1995 -- CONTINENTAL CAN COMPANY, INC. (NYSE: CAN)
Chairman and Chief Executive Officer, Donald J. Bainton, today announced that
Ferembal, its European can manufacturing subsidiary, would take an approximately
$5 million dollar pre-tax restructuring charge in the quarter ending September
30, 1995 for severance and termination benefits. The restructuring, which will
affect approximately 9% of the work force, was prompted by the Company's
continuing efforts to reduce costs in the face of increased raw material prices
and competitive pressures in the European market. After taxes and minority
interest, the charge is expected to amount to approximately $.80 per share and
result in a third quarter loss for the Company. The difficult business
environment in Europe, which has made the restructuring decision advisable at
this time, is also expected to result in significantly lower profitability for
Ferembal in 1995.
With regards to Plastic Containers, Inc. (PCI), the Company's U.S. plastic
bottle manufacturer, Mr. Bainton stated that PCI's double digit sales growth
required a significant expansion in production capacity, much of which has come
on-line in the third quarter. This expansion has necessitated certain
extraordinary start-up costs, including hiring and training of approximately 300
new production employees. Mr. Bainton noted that, despite these temporary
problems, Plastic Containers, Inc. continued to meet its customers' delivery
requirements and would show sales and profit improvement in 1995 compared to the
prior year.
"At Ferembal, we are committed to being the low cost producer in our markets and
will aggressively defend our market position. We are confident that the actions
announced today, coupled with other cost reduction efforts, will result in
increased profitability in 1996 and thereafter," said Mr. Bainton. "At PCI both
sales and profitability are increasing at twice the rate of the overall plastic
container market. As these temporary manufacturing inefficiencies are overcome
PCI will have a larger, more profitable base from which to continue its
expansion. Overall, with many of these issues having been addressed, we look
forward to substantial continuing profitability in our businesses in the coming
years."
Continental Can Company, Inc., through its subsidiaries, manufactures extrusion
blow-molded plastic containers, metal cans, plastic films and equipment for the
packaging industry, and prints and laminates packaging for the food and snack
food industries. The Company also owns Lockwood, Kessler & Bartlett, Inc., an
engineering firm located in the United States.
