Crown Cork & Seal To Sell Its Pharmaceutical Packaging Business

PHILADELPHIA, March 4 /PRNewswire-FirstCall/ -- Crown Cork & Seal Company, Inc. (NYSE: CCK) today announced its intention to sell its pharmaceutical packaging business to a company backed by HSBC Private Equity Limited. The contemplated transaction is, among other things, subject to consultation with the relevant workers' representatives, regulatory approval and execution of a definitive agreement.

With two manufacturing facilities in Offranville, France and Neuenburg, Germany, Risdon Pharma is a leading supplier to the world's largest pharmaceutical companies. Through moulding, printing, decoration and assembly of plastic components, Risdon Pharma produces a portfolio of conventional pharmaceutical products including eye droppers, nasal sprays and pill jars, as well as drug delivery devices for personal and surgical use. Total revenues for the pharmaceutical packaging business in 2001 were approximately Euro 44 million. Risdon Pharma employs approximately 300 people.

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 Company, +1-215-698-5100