<PAGE>
EXHIBIT 12 - RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, 1995, 1996, 1997, 1998 and 1999 and
nine months ended October 1, 2000
(IN MILLIONS, EXCEPT RATIOS)
<TABLE>
<CAPTION>
NINE MONTHS
ENDED
YEAR ENDED DECEMBER 31, OCTOBER 1,
1995 1996 1997 1998 1999 2000
------------ ----------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Earnings/(loss):
Earnings/(loss) before income tax
expense/(benefit) per consolidated
statement of earnings $(201.4) $31.2 $(191.9) $(38.9) $ 13.4 $ 67.1
Add:
Interest expense 52.1 47.4 47.8 57.6 77.4 62.8
Portion of rent representative of an
interest factor 11.7 9.3 10.7 10.5 10.2 7.6
------------ ----------- ----------- ------------ ----------- ------------
Adjusted earnings/(loss) before income
tax benefit/ (expense) $(137.6) $87.9 $(133.4) $ 29.2 $101.0 $137.5
============ =========== =========== ============ =========== ============
Fixed charges:
Interest expense $52.1 $47.4 $ 47.8 $ 57.6 $ 77.4 $ 62.8
Portion of rent representative of an
interest factor 11.7 9.3 10.7 10.5 10.2 7.6
Capitalized interest 4.8 5.1 2.6 2.2 3.0 1.7
------------ ----------- ----------- ------------ ----------- ------------
Total fixed charges $68.6 $61.8 $ 61.1 $ 70.3 $ 90.6 $ 72.1
============ =========== =========== ============ =========== ============
Ratio of earnings to fixed charges N/A(a) 1.4(b) N/A(c) .4(d) 1.1 1.9
============ =========== =========== ============ =========== =============
</TABLE>
(a) Earnings were insufficient to cover fixed charges by $206.2 million after
giving effect to the pre-tax expense for restructuring and other charges of
$247.0 million. Excluding the pre-tax restructuring and other charges, the
ratio of earnings to fixed charges was 1.6.
(b) In 1996, the Company recorded a pre-tax expense for restructuring and other
special charges of $150.0 million ($7.0 million of which was recorded in
cost of goods sold). Excluding the pre-tax restructuring and other special
charges, the ratio of earnings to fixed charges was 3.8.
(c) Earnings were insufficient to cover fixed charges by $194.5 million after
giving effect to the pre-tax expense for restructuring and other charges of
$340.0 million ($16.5 million was recorded in cost of goods sold).
Excluding the pre-tax restructuring and other charges, the ratio of
earnings to fixed charges was 3.4.
(d) Earnings were insufficient to cover fixed charges by $41.1 million after
giving effect to the pre-tax expense for restructuring and other charges of
$50.0 million. Excluding the pre-tax restructuring and other charges, the
ratio of earnings to fixed charges was 1.1.
