Crown Holdings, Inc. Comments on Pennsylvania Supreme Court Decision

PHILADELPHIA, Feb. 21 /PRNewswire-FirstCall/ -- Crown Holdings, Inc. (NYSE: CCK) today announced that on February 20, 2004 the Supreme Court of Pennsylvania, in a 4-3 decision, reversed the June 11, 2002 order of the Philadelphia Court of Common Pleas, in which the Court of Common Pleas ruled favorably on a motion by the Company's wholly-owned subsidiary, Crown Cork & Seal Company, Inc., for summary judgment regarding 376 pending asbestos- related cases against Crown Cork in Philadelphia. The order was based on a change to Pennsylvania corporate successor liability law enacted in December 2001 by the Pennsylvania legislature.

The Company notes that the Supreme Court majority acknowledged that it is "concerned with the heavy toll that asbestos litigation is visiting upon certain Commonwealth corporations." Nevertheless, the Supreme Court held that the Pennsylvania statute as applied in the relevant case was unconstitutional under the remedies clause of the Pennsylvania Constitution. The Company and its legal counsel are currently studying the scope and limitations of the decision and available options.

While the Company expressed disappointment with the Supreme Court decision, it believes that the decision may be limited and will continue its efforts supporting legislative solutions to asbestos litigation. In the absence of national legislation, the State of Texas recently enacted legislation limiting asbestos-related liabilities and other states are currently considering such measures.

Cautionary Note Regarding Forward Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ include the effect of the Pennsylvania Supreme Court's decision on Crown Cork's other asbestos litigation and the extent and effect of other state or federal legislative efforts relating to asbestos. Other important factors are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2002 and in subsequent filings. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

SOURCE Crown Holdings, Inc.