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.