Crown Cork & Seal Completes Sale of Its Pharmaceutical Packaging Business

PHILADELPHIA, March 28 /PRNewswire-FirstCall/ -- Crown Cork & Seal Company, Inc. (NYSE: CCK) today completed the previously announced sale of its pharmaceutical packaging business to a company backed by HSBC Private Equity Limited. Net proceeds will be used to reduce outstanding short-term indebtedness.

With facilities in Offranville, France and Neuenburg, Germany, the business is a leading supplier to the world's largest pharmaceutical companies. Revenues for the business, which employs approximately 300 people, were approximately 44 million euros in 2001.

The Company was advised by Salomon Smith Barney, Inc.

Crown Cork & Seal is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.

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SOURCE Crown Cork & Seal Company, Inc.
Web site: http: //www.crowncork.com
CONTACT: Timothy J. Donahue, Senior Vice President - Finance of Crown Cork & Seal, +1-215-698-5100