<PAGE>1
THIS DOCUMENT IS A COPY OF THE FORM 11-K PREVIOUSLY
FILED ON JUNE 30, 1995 PURSUANT TO A RULE 201
TEMPORARY HARDSHIP EXEMPTION.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1994
Commission File Number 1-2227
A. Full title of plan:
Crown Cork & Seal Company, Inc.
401(k) Retirement Savings Plan
for Employees of Van Dorn Company
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
CROWN CORK & SEAL COMPANY, INC.
9300 ASHTON ROAD
PHILADELPHIA, PA 19136
</page>
<PAGE>2
INDEX
Pages
Signatures 3
Report of Independent Accountants 6
Audited Plan Financial Statements and Schedules Prepared in
Accordance With the Financial Reporting Requirements of ERISA 7 to 13
Exhibit 23 - Consent of Independent Accountants 14
</page>
<PAGE>3
SIGNATURES
Pursuant to the repuirements of the Securities Exchange Act of 1934, the
Committe has duly caused this annual report to be signed on its behalf
by the undersigned duly authorized.
Crown Cork & Seal Company, Inc
401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Date: June 29, 1995 By: James T. Malec
Member, Benefit Plan Committee
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<PAGE>4
Crown Cork & Seal
Company, Inc. 401(k)
Retirement Savings
Plan for Employees of
Van Dorn Company
Financial Statements
December 31, 1994
</page>
<PAGE>5
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings
Plan for Employees of Van Dorn Company Financial Statements
Index
Page
Report of Independent Accountants 1
Statement of Net Assets Available for Plan Benefits 2
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information 3
Notes to Financial Statements 4-6
Schedule I - Schedule of Assets Held for Investment
at December 31, 1994 7
Schedule II - Reportable Transactions (Transaction or Series
of Transactions) for the Year Ended
December 31, 1994 in Excess of 5% of Plan Assets 8
[FN]
Note: Other schedules required by ERISA are not applicable.
</page>
<PAGE>6
Report of Independent Accountants
To the Benefit Plans Committee and Participants
of the Crown Cork & Seal Company, Inc.
401(k) Retirement Savings Plan for Employees of Van Dorn Company
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statement of changes in net assets available for plan
benefits present fairly, in all material respects, the financial position of
the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for
Employees of Van Dorn Company (the "Plan") at December 31, 1994 and 1993 and
the changes in its net assets available for plan benefits for the years then
ended in conformity with generally accepted accounting principles. These
financial statements are the responsibility of the Plan's administrator; our
responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit of these statements in accordance
with generally accepted accounting standards which require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not
a required part of the basic financial statements but is additional information
required by ERISA. The Fund Information in the statement of changes in net
assets available for benefits is presented for purposes of additional analysis
rather than to present the changes in net assets available for benefits of each
fund. Schedules I and II and the Fund Information have been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, are fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
PRICE WATERHOUSE, LLP
Philadelphia, Pennsylvania
May 25, 1995<PAGE>
</page>
<PAGE>7
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Statement of Net Assets Available for Plan Benefits
December 31, 1994 and 1993
December 31,
1994 1993
Investments at fair value:
Crown Cork & Seal Common Stock Fund* $ 3,409,835 $ 4,081,281
T. Rowe Price Mutual Funds:
Prime Reserve Fund* 2,134,464 1,960,651
Capital Appreciation Fund 632,531 500,928
Spectrum Income Fund* 2,375,384 3,045,157
Spectrum Growth Fund* 5,088,883 5,873,506
Participant Loan Fund 175,905 81,278
Total investments 13,817,002 15,542,801
Cash 25,275
Employer contributions receivable 21,326 27,989
Employer contributions receivable 64,313 84,052
Net assets available for plan benefits $13,902,641 $15,680,117
* Represents more than 5% of net assets available for plan benefits at
December 31, 1994.
The accompanying notes are an integral part of these financial statements.
</page>
<PAGE>8
<TABLE>
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Statement of Changes in the Assets Available for Plan Benefits,
with Fund Information
For the Year Ended December 31, 1994
<CAPTION>
T. Rowe Price
Crown Cork
& Seal Prime Capital Spectrum Spectrum Participant
Common Stock Reserve Appreciation Income Growth Loan
Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets:
Contributions
Employer $ 278,067 $ 278,067
Employee 116,815 $ 199,475 $156,975 $ 219,562 $ 298,175 991,002
Investment income 73,222 48,160 187,437 376,300 $ 12,886 698,005
Net realized and unrealized
(loss) on investment (398,811) (29,570) (246,988) (302,772) (978,141)
(3,929) 272,697 175,565 160,011 371,703 12,886 988,933
Deductions from net assets:
Benefits paid to participants
and rollovers to other plans (601,491) (327,386) (63,947) (639,884) (1,133,701) (2,766,409)
Transfers
Loan principal repayment 6,423 9,808 4,627 7,778 10,337 (38,973)
Loan interest allocated 775 2,745 1,900 3,232 4,234 (12,886)
Loan issued (22,278) (27,171) (11,681) (23,984) (48,486) 133,600
Interfund transfers (59,381) 222,653 22,476 (189,375) 3,627
(Decrease) increase in net
assets available for plan
benefits (679,881) 153,346 128,940 (682,222) (792,286) 94,627 (1,777,476)
Net assets at beginning
of year 4,117,321 1,995,509 514,065 3,075,897 5,896,047 81,278 15,680,117
Net asset at end of year $3,437,440 $2,148,855 $643,005 $2,393,675 $5,103,761 $175,905 $13,902,641
Net asset value at
December 31, 1994 $ 37.35 $ 1.00 $ 12.10 $ 10.11 $ 11.13
Certain reclassifications of prior year's data have been made to improve
comparability.
The accompanying notes are an integral part of these financial statements.
</TABLE>
</page>
<PAGE>9
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Notes to Financial Statements
December 31, 1994
1. Summary of Significant Accounting Policies
Effective April 16, 1993, the Van Dorn Company (the "Company") was acquired by
Crown Cork & Seal Company, Inc. ("Crown") at which time Crown became the sponsor
of the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for
Employees of Van Dorn Company (the "Plan"), formerly the Van Dorn Company
401(k) Plan and Trust. Refer to Note 4 for further information. The Plan is
administered by the Crown Cork & Seal Company, Inc. Benefit Plans Committee.
The Plan maintains its financial records and prepares its financial statements
using the accrual basis of accounting. Purchases and sales of securities are
recorded on a trade-date basis. T. Rowe Price (the "Trustee") manages a Trust
Fund for the Plan under the terms of a trust agreement. All of the Plan's
investments and cash are held in the Trust Fund. The Trustee has been granted
discretionary authority with regard to the investment of temporary cash
balances and is directed by investment managers or a committee appointed by
Crown with regard to all other investments. The investments and changes therein
of the Trust Fund have been determined through the use of current values
measured by quoted prices in active markets for all assets of the Trust Fund.
2. Description of Plan
General. The Plan is a defined contribution plan designed to provide a
convenient method by which eligible employees may save regularly through salary
elections and through sponsor matching contributions.
The Plan covers salaried employees of the Company's corporate office, Davies Can
Company and Central States Can Company as well as certain Plastic Machinery
Division and hourly employees of Davies Can Company. On April 20, 1993, Crown
sold Plastics to Mannesmann Capital Corporation ("Mannesmann"). Employees of
Plastics participating in the Plan were given the option of continuing to
participate in the Plan or rolling over their account balances into a
Mannesmann sponsored plan or into their individual retirement accounts. Refer to
Note 4 for further information. Employees are eligible to participate in the
Plan after completing one year of service and attaining the age of 21. The
Plan is subject to provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
Employee Contributions. Employees who participate in the Plan can direct the
Company to withhold wages and make tax deferred contributions on their behalf.
Contributions may range from 1 percent to 16 percent of annual compensation,
plus bonuses, up to a maximum of $9,240 per participant.
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<PAGE>10
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Notes to Financial Statements
December 31, 1994
A participant's 401(k) account balance attributable to tax deferred
contributions, taxable employee contributions, and rollover contributions is
100 percent vested at all times. A participant's 401(k) account balance
attributable to profit sharing contributions with respect to plan years prior to
January 1, 1989 becomes fully vested upon a participant reaching five years of
service.
Employer Contributions. Effective July 1, 1990, the Company amended the Plan
and Trust to permit employer contributions. The amendment provides for the
Company to match 50 percent of employee contributions up to a maximum employee
contribution of 4 percent of compensation. Employer contributions vest 100
percent after five years of service. All employer matching contributions are
invested automatically in the Crown Cork & Seal Common Stock Fund.
Forfeitures of terminated participants' nonvested accounts are offset against
employer contributions.
Investments. Participants may direct their contributions among any of the
following investments:
1. Common Stock Fund - Investing in common stock of Crown Cork & Seal.
2. T. Rowe Price Prime Reserve Fund - A money market fund investing in a
diversified portfolio of domestic and foreign U.S. dollar-denominated money
market securities to maintain a stable share price of $1.00.
3. T. Rowe Price Capital Appreciation Fund - Investing in common stocks, fixed
income securities and money market instruments.
4. T. Rowe Price Spectrum Income Fund - Investing primarily in a diversified
group of T. Rowe Price mutual funds which invest principally in fixed income
securities.
5. T. Rowe Price Spectrum Growth Fund - Investing in a diversified group of T.
Rowe Price mutual funds which invest principally in equity securities.
Distributions. Effective January 1, 1987, benefit payments from the Plan are
limited to lump sum distributions. Prior to this date, former participants could
elect to have their benefits paid to them under a variety of options over an
extended period of time.
Although it has not expressed any intent to do so, Crown has the right under the
Plan to terminate the Plan subject to the provisions of ERISA. In the event of
plan termination, participants will become 100 percent vested in their accounts.
</page>
<PAGE>11
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Notes to Financial Statements
December 31, 1994
3. Tax Status of the Plan
The Plan was amended and restated, effective January 1, 1994 to comply with all
provisions of the Internal Revenue Code (IRC) and ERISA. The Committee has
represented that the Plan has been administered in accordance with all
provisions of the IRC and ERISA.
The Company has applied for a determination letter for the Plan from the IRS.
The determination letter is subject to review by the IRS. The Committee
anticipates receiving a favorable determination letter from the IRS, and
accordingly, the Trust is not subject to federal or local income taxes.
4. Acquisition of Plan Sponsor
On April 16, 1993, the Company was acquired by Crown at which time each share
of the Company's stock held by the Plan was converted into .542 shares of Crown
stock. The market value of each share of Crown stock on April 16, 1993 was
$38.75. Company stock at a historical cost of approximately $4.4 million was
converted to Crown stock; representing a market value of approximately $6.7
million at that date.
On April 20, 1993, Crown sold the Plastics Division to Mannesmann. Employees of
Plastics participating in the Plan transferred or rolled-over approximately
$12.2 million to either a Mannesmann sponsored plan or to their individual
retirement accounts during the year.
</page>
<PAGE>12
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Schedule of Assets Held for Investment at December 31, 1994
Description Number of Shares Cost Fair Value
Crown Cork & Seal Stock Fund 90,336 $ 2,573,756 $ 3,409,835*
T. Rowe Price Prime Reserve Fund 2,134,464 2,134,464 2,134,464*
T. Rowe Price Capital Appreciation Fund 52,276 637,698 632,531
T. Rowe Price Spectrum Income Fund 234,954 2,529,603 2,375,384*
T. Rowe Price Spectrum Growth Fund 457,222 4,978,257 5,088,883*
Participant Loan Fund
(at 12.95% interest rate) 175,905 175,905
Total investments at December 31, 1994 $13,029,683 $13,817,002
[FN]
* Represents more than 5% of net assets available for plan benefits at
December 31, 1994.
</page>
<PAGE>13
<TABLE>
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Reportable Transactions (Transaction or Series of Transactions)
<CAPTION>
Aggregate Aggregate Net
Number of Number Cost of Proceeds Cost Gain(loss)
Description of Assets Purchases of Sales Purchases from Sales of Asset on Sale
<S> <C> <C> <C> <C> <C> <C>
Crown Cork & Seal Common Stock Fund 107 272 $450,714 $731,014 $ 515,314 $215,700
Spectrum Income Fund 246 237 453,491 876,276 886,515 (10,239)
Spectrum Growth Fund 144 221 850,086 1,331,938 1,211,870 120,068
Prime Reserve Fund 292 248 595,667 421,854 421,854 0
</TABLE>
</page>
<PAGE>14
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-61240) of Crown Cork & Seal Company, Inc.
of our report dated May 25, 1995 appearing on page 6 of this Form 11-K.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
June 27, 1995
