Newspaper article THE JOURNAL RECORD

Crown Cork & Seal to Cut 3.2 Percent of Its Worldwide Work Force

Newspaper article THE JOURNAL RECORD

Crown Cork & Seal to Cut 3.2 Percent of Its Worldwide Work Force

Article excerpt

PHILADELPHIA (AP) -- Crown Cork & Seal, reeling from a price war and higher raw-material costs, will eliminate 1,150 jobs, or 3.2 percent of its worldwide work force, as it restructures its European operations and closes three plants in the United States and South America.

The bottle and can manufacturer company also warned that its profits would be significantly lower in 2000 than previously estimated. Crown Cork manufactures metal cans used for beverages and food, and plastic bottles for water, shampoo, soda, and other personal-care and home products.

The company is making the cutbacks as sales in some of its product lines have failed to grow in the United States in the last six months. At the same time, high prices for crude oil, the base material for plastic resin, and higher interest costs have added to expenses, the company said. Resin is an ingredient in plastic bottles.

One plant scheduled to be closed is in Peru and manufactures bottle caps, a Crown Cork executive said in a conference call with financial stock analysts. …

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