<PAGE>1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: September 14, 1994
(Date of earliest event reported)
CROWN CORK & SEAL COMPANY, INC.
(Exact Name of Registrant as specified in its charter)
Pennsylvania 1-2227 23-15264444
State of Incorporation (Commission File Number) (I.R.S. Employer
Identification No.)
9300 Ashton Road
Philadelphia, Pennsylvania 19136
(215) 698-5100
(Address of Registrant's Principal Executive
Offices and telephone number, including area code)
This document consists of 3 pages.
Page 1 of 3
</PAGE>
<PAGE>2
Item 5. Other Events.
On September 14, 1994, Crown Cork & Seal Company, Inc. (the "Company")
announced that it will incur a charge in its third quarter ending September 30
to reflect the costs associated with the restructuring of its metal packaging
operations in the U.S. and Canada. A copy of the Company's News Release
announcing this restructuring is included herein as Exhibit 20 and is hereby
incorporated by reference in this Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
20. News Release of the Company dated September 14, 1994.
SIGNATURE
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 hereunto duly authorized.
CROWN CORK & SEAL COMPANY, INC.
Date: September 23, 1994 By:/s/Timothy J. Donahue
Timothy J. Donahue
Financial Controller
Page 2 of 3 pages
</PAGE>
<PAGE>3
CROWN CORK & SEAL COMPANY, INC.
9300 Ashton Road
P. O. Box 6208
Philadelphia, Pennsylvania 19136
NEWS RELEASE
For Release On or After:
Date: September 14, 1994
Time: Immediately
Page: 1 of 1
CROWN CORK & SEAL TO INCUR THIRD QUARTER
RESTRUCTURING CHARGE IN METAL PACKAGING SECTOR
Philadelphia, PA--September 14, 1994. Crown Cork & Seal Company, Inc.
(NYSE-CCK) announced today that it will incur a charge in its third
quarter ending September 30 to reflect the costs associated with the
restructuring of its metal packaging operations in the U.S. and Canada.
The charge will total $114 million on a pre-tax basis, or $68 million
($0.76 per share) on an after-tax basis. Thirteen facilities are affected
by the restructuring, primarily those which produce three-piece, steel
food and aerosol containers.
Mr. William J. Avery, Crown's Chairman, President and CEO, said that the
restructuring will enable the Company to remain competitive in its core
metal packaging business. "This program will reduce the number of
three-piece facilities in North America by 20% as customer volume
requirements are consolidated into other locations," Avery said. Ten plants
will be closed, including seven in 1994, and an additional three will
be reorganized. The program is expected to be completed within one year.
The charge will cover the restructuring of facilities, including applicable
severance and related fixed asset write-downs.
Crown outlined its plans earlier this year to continue to invest in its
worldwide operations while pursuing productivity enhancements in order
to achieve the lowest possible cost of production. "Capacity utilization
is now relatively firm throughout the remaining Crown system in both metal
and plastic packaging, and additional opportunities to lower costs,
particularly in the aluminum beverage can sector, will be accomplished
gradually as market conditions permit," observed Avery.
Crown Cork & Seal Company, Inc., with sales of $4.2 billion in 1993, operates
153 manufacturing facilities located in 41 countries. The Company is
a leading worldwide producer of metal and plastic packaging products and
packaging machinery. Headquarters are located in Philadelphia.
* * end * *
For more information, contact:
(215) 698-5366 or (215) 698-5392
* * * *
</PAGE>
