FIRST BRANDS CORP
SC 13G, 1995-02-10
UNSUPPORTED PLASTICS FILM & SHEET
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<PAGE>
 
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                 SCHEDULE 13G
            Information Statement Pursuant to Rules 13d-1 and 13d-2
                                Amendment No. 1


                           First Brands Corporation
                         ----------------------------
                               (Name of Issuer)



                         Common Stock, $.01 par value
                    --------------------------------------
                        (Title of Class of Securities)





                                   319356101
                                --------------
                                (CUSIP Number)





     Check the following box if a fee is being paid with this statement ____.
     (A fee is not required only if the filing person: (1) has a previous
     statement on file reporting beneficial ownership of more than five percent
     of the class of securities described in item 1: and (2) has filed no
     amendment subsequent thereto reporting beneficial ownership of five percent
     or less of such class.) (See Rule 13d-7.)





                        (Continued on following pages)
                         

                               Page 1 of 6 Pages
<PAGE>
 
- -------------------------
CUSIP NO.
 319356101 
- ------------------                  
- --------------------------------------------------------------------------------
1.   Name of Reporting Person
     S.S. or  I.R.S. Identification No. of  Above Person

     Goldman, Sachs & Co.
                                                                              
- --------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group

                                                   (a)_____      
                                                   (b)_____      
                                                           
- -------------------------------------------------------------------------------
3.   SEC Use Only

                                                                              
- --------------------------------------------------------------------------------
4.   Citizenship or place of  Organization

                  New York                                             
- --------------------------------------------------------------------------------
Number of          5    Sole Voting Power
Shares                   
Beneficially                 0                                
                   -----------------------------------------------
Owned By           6    Shared Voting Power
Each
Reporting                    1,354,590                                  
                   -----------------------------------------------
Person With        7    Sole Dispositive Power

                           0                                  
                   ----------------------------------------------- 
                   8    Shared Dispositive Power

                             1,354,590                                  
- --------------------------------------------------------------------------------
9.  Aggregate Amount Beneficially Owned by Each Reporting Person

         1,354,590                                         
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
                                                                    
- --------------------------------------------------------------------------------
11.  Percent of Class Representing by Amount in Row (11)

         6.2%    
- --------------------------------------------------------------------------------
12.  Type of Reporting Person

         BD-PN-IA                                                            
- --------------------------------------------------------------------------------

                               Page 2 of 6 Pages
<PAGE>
 
- -----------------------
CUSIP NO.
 319356101 
- ----------------
- --------------------------------------------------------------------------------
1.   Name of Reporting Person
     S.S. or I.R.S. Identification No. of Above Person

     The Goldman Sachs Group, L.P.
                                                                              
- --------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group

                                                   (a)_____      
                                                   (b)_____      
                                                                              
- --------------------------------------------------------------------------------
3.   SEC Use Only

                                                                                
- --------------------------------------------------------------------------------
4.   Citizenship or place of Organization

         Delaware                                                        
- --------------------------------------------------------------------------------
Number of         5     Sole Voting Power
Shares                   
Beneficially                 0                                
                  ------------------------------------------------
Owned By          6    Shared Voting Power
Each
Reporting                    1,354,590                                 
                  ------------------------------------------------
Person With       7    Sole Dispositive Power

                             0                                   
                  ------------------------------------------------
                  8    Shared Dispositive Power

                             1,354,590                                   
- --------------------------------------------------------------------------------
9.  Aggregate Amount Beneficially Owned by Each Reporting Person

        1,354,590                                          
- --------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (11) Excludes Certain Shares    


- --------------------------------------------------------------------------------
11.  Percent of Class Representing by Amount in Row (11)

        6.2%                                                            
- --------------------------------------------------------------------------------
12.  Type of Reporting Person

        HC-PN      
- --------------------------------------------------------------------------------

                               Page 3 of 6 Pages
<PAGE>
 
     Item 1(a).    Name of Issuer:
                   First Brands Corporation

     Item 1(b).    Address of Issuer's Principal Executive Offices:
                   83 Wooster Heights Road, Building 301, P.O. Box 1911,
                   Danbury, CT 06813-1911
                    
     Item 2(a).    Name of Person Filing:
                   The Goldman Sachs Group, L.P. and  Goldman, Sachs & Co.

     Item 2(b).    Address of Principal Business Office, or, if None, Residence:
                   85 Broad Street
                   New York, NY   10004

     Item 2(c).    Citizenship:
                   The Goldman Sachs Group, L.P. - Delaware
                   Goldman, Sachs & Co. - New York

     Item 2(d).    Title and Class of Securities:
                   Common Stock, $.01 par value

     Item 2(e).    CUSIP Number:
                   319356101

     Item 3.       If this statement is filed pursuant to Rules 13d-1(b),
                   or check 13d-2(b) whether the person filing is a :

             (a).X Broker or dealer registered under Section 15 of the Act,
                          Goldman, Sachs & Co.
             (b).  Bank as defined in Section 3(a)(6) of the Act,
             (c).  Insurance Company as defined in Section 3(a)(19) of the Act,
             (d).  Investment Company registered under Section 8 of the
                   Investment Company Act,
             (e).X Investment Adviser registered under Section 203 of the
                   Investment Advisers Act of 1940,
                          Goldman, Sachs & Co.
             (f).  Employee Benefit Plan, Pension Fund which is subject to the
                   provisions of the Employee Retirement Income Security Act of
                   1974 or Endowment Fund; see 13d-1(b)(1)(ii)(F),
             (g).X Parent Holding Company, in accordance with Rule 13d-
                   1(b)(ii)(G); see Item 7,
                          The Goldman Sachs Group, L.P.
             (h).  Group, in accordance with Rule 13d-1(b)(ii)(H).

                               Page 4 of 6 Pages
<PAGE>
 
     Item 4.       Ownership.

             (a).  Amount beneficially owned:
                   See the responses(s) to Item 9 on the attached cover
                   pages(s).
             (b).  Percent of class:
                   See the response(s) to Item 11 on the attached cover
                   pages(s).
             (c).  Number of shares as to which such person has:

                   (i)   Sole power to vote or to direct the vote:
                                See the response(s) to Item 5 on the attached
                                cover page(s).
                   (ii)  Shared power to vote or direct the vote:
                                See the response(s) to Item 6 on the attached
                                cover page(s).
                   (iii) Sole power to dispose or to direct the disposition
                         of:
                                See the response(s) to Item 7 on the attached
                                cover page(s).
                   (iv)  Shared power to dispose or to direct the disposition
                         of:
                                See the response(s) to Item 8 on the attached
                                cover page(s).

     Item 5.        Ownership of Five Percent or Less of a Class.
                         Not Applicable

     Item 6.        Ownership of More than Five Percent on Behalf of Another
                    Person.
                         Not Applicable

     Item 7.        Identification and Classification of the Subsidiary Which
                    Acquired the Security Being Reported on by the Parent
                    Holding Company.
                         See Exhibit(2)

     Item 8.        Identification and Classification of Members of the Group.
                         Not Applicable

     Item 9.        Notice of Dissolution of Group.
                         Not Applicable

     Item 10.       Certification.

                    By signing below I certify that, to the best
                    of my knowledge and belief, the securities
                    referred to above were acquired in the
                    ordinary course of business and were not
                    acquired for the purpose of and do not have
                    the effect of changing or influencing the
                    control of the issuer of such securities and
                    were not acquired in connection with or as a
                    participant in any transaction having such
                    purpose or effect.

                               Page 5 of 6 Pages
<PAGE>
 
                             SIGNATURE


          After reasonable inquiry and to the best of my knowledge and
          belief, I certify that the information set forth in this statement is
          true, complete and correct.


Date:  February 10, 1995


                                                   THE GOLDMAN SACHS GROUP, L.P.


                
                                                   By: /s/David B. Ford     
                                                      --------------------------
                                                   Name:  David B. Ford
                                                   Title: General Partner



                                                   GOLDMAN, SACHS & CO.
  
  
                                                   By: /s/ David B. Ford
                                                      --------------------------
                                                   Name:   David B. Ford
                                                   Title:  General Partner

                               Page 6 of 6 Pages


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