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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 1994
For the fiscal year ended December 31, 1995
Commission File Number 1-2227
A. Full title of the 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
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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
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Committee has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Crown Cork & Seal Company, Inc.
401(K) Retirement Savings Plan
for Employees of Van Dorn Company
Date: June 26, 1996 By:/s/ James T. Malec
______________________________
James T. Malec
Member, Benefit Plan Committee
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Crown Cork & Seal
Company, Inc. 401(k)
Retirement Savings Plan
for Employees of
Van Dorn Company
Financial Statements
and Supplemental Information
December 31, 1995
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Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for
Employees of Van Dorn Company
Financial Statements and Supplemental Information
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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, 1995 7
Schedule II - Schedule of Reportable Transactions
(Transaction or Series of Transactions)
for the Year Ended December 31, 1995
in Excess of 5% of Plan Assets 8
Note: Other schedules required by ERISA are not applicable.
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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 statement 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 net assets available for
plan benefits of the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings
Plan for Employees of Van Dorn Company (the "Plan") at December 31, 1995 and
1994 and the changes in net assets available for plan benefits for the year
ended December 31, 1995, 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 plan 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
June 7, 1996
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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, 1995 and 1994
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December 31,
1995 1994
Investments at fair value:
Crown Cork & Seal Common Stock* $ 3,608,902 $ 3,409,835
T. Rowe Price Mutual Funds:
Prime Reserve Fund* 2,234,072 2,134,464
Capital Appreciation Fund 821,817 632,531
Spectrum Income Fund* 2,808,447 2,375,384
Spectrum Growth Fund* 6,442,502 5,088,883
Participant Loan Fund 285,532 175,905
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Total investments 16,201,272 13,817,002
Employer contributions receivable 20,048 21,326
Employee contributions receivable 62,202 64,313
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Net assets available for plan benefits $16,283,522 $13,902,641
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* Represents more than 5% of net assets available for plan benefits at December
31, 1995.
The accompanying notes are an integral part of these financial statements.
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<TABLE>
<CAPTION>
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information
For the Year Ended December 31, 1995
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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 $ 267,317 $ 267,317
Employee 107,478 $ 214,352 $ 157,407 $ 209,644 $ 270,487 959,368
Investment income 119,159 63,864 191,801 432,022 $ 22,266 829,112
Net realized and unrealized gain
on investments 438,745 91,969 274,580 1,065,858 1,871,152
---------- ---------- --------- --------- --------- --------- ----------
813,540 333,511 313,240 676,025 1,768,367 22,266 3,926,949
Deductions from net assets:
Benefits paid to participants and
rollovers to other plans (496,864) (181,398) (153,603) (214,503) (499,700) (1,546,068)
Transfers
Loan principal repayment 4,804 9,505 8,019 14,129 15,973 (52,430)
Loan interest allocated 1,708 4,090 3,065 5,938 7,465 (22,266)
Loans issued (31,612) (23,000) (19,694) (36,140) (51,611) 162,057
Interfund transfers (74,234) (40,887) 27,048 (19,316) 107,389
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Increase in net assets
available for plan benefits 217,342 101,821 178,075 426,133 1,347,883 109,627 2,380,881
Net assets at beginning of year 3,437,440 2,148,855 643,005 2,393,675 5,103,761 175,905 13,902,641
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Net assets at end of year $3,654,782 $2,250,676 $ 821,080 $2,819,808 $6,451,644 $285,532 $16,283,522
========== ========== ========= ========== ========== ======== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
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Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Notes to Financial Statements
December 31, 1995
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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. 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. 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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Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Notes to Financial Statements
December 31, 1995
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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.
Loans. The Plan allows for loans to participants in excess of $1,000 and
not to exceed 50% of the participant's vested account balance up to $50,000
(subject to restrictions further described in the Plan document). In the
event of a default on a loan, the outstanding balance and accrued interest
is deducted from the participant's account prior to distribution.
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.
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.
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Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Notes to Financial Statements
December 31, 1995
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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.
Plan Termination. 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.
3. Tax Status of the Plan
The Plan was amended and restated, effective January 1, 1995 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 received a favorable
determination letter from the Internal Revenue Service (IRS) and
accordingly, the Trust is not subject to federal or local income taxes.
4. Subsequent Event
On April 29, 1996, Crown announced its agreement to sell the Davies Can
business, a division of the Company, to Brockway Standard Inc. Benefits
accrued under the Plan through the closing date will be paid to employees
terminated as a result of the sale, at their option.
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Schedule I
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Schedule 27a - Schedule of Assets Held for Investment at December 31, 1995
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Description Number of Shares Cost Fair Value
Crown Cork & Seal Common Stock * 86,440 $ 2,595,428 $ 3,608,902
T. Rowe Price Prime Reserve Fund * 2,234,072 2,234,072 2,234,072
T. Rowe Price Capital
Appreciation Fund * 60,119 757,304 821,817
T. Rowe Price Spectrum Income Fund * 249,862 2,690,149 2,808,447
T. Rowe Price Spectrum Growth Fund * 477,576 5,361,054 6,442,502
Participant Loan Fund
(at 12.95% interest rate) 285,532 285,532 285,532
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Total investments at December 31, 1995 $13,923,539 $16,201,272
=========== ===========
* Represents more than 5% of net assets available for plan benefits at December
31, 1995.
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<CAPTION>
Schedule II
Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan
for Employees of Van Dorn Company
Item 27d - Schedule of Reportable Transactions
(Transaction or Series of Transactions)
For the Year Ended December 31, 1995 in Excess of 5% of Plan Assets
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Aggregate Aggregate
Number of Number Cost of Proceeds Cost Net Gain
Description of Assets Purchases of Sales Purchases from Sales of Asset on Sale
--------------------- --------- -------- --------- ---------- -------- -------
<S> <C> <C> <C> <C> <C>
Crown Cork & Seal Common Stock 62 75 $511,285 $758,701 $497,851 $260,849
T. Rowe Price Spectrum Income Fund 114 67 722,629 564,145 562,082 2,063
T. Rowe Price Spectrum Growth Fund 86 63 1,073,145 773,988 690,348 83,640
T. Rowe Price Prime Reserve Fund 117 73 923,768 824,160 824,160 0
</TABLE>
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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 June 7, 1996 appearing on page 6 of this Form 11-K.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
June 25,1996
