Crown Cork & Seal Announces Proposed Initial Public Offering of Constar International Inc.

PHILADELPHIA, May 23 /PRNewswire-FirstCall/ -- Crown Cork & Seal Company, Inc. (NYSE: CCK) announced today that its wholly owned subsidiary, Constar International Inc., has filed a registration statement with the Securities and Exchange Commission relating to a proposed initial public offering. The registration statement relates to shares of common stock, all of which will be offered and sold by Crown, and up to $200 million of Constar's senior subordinated notes due 2012, all of which will be offered and sold by Constar. Crown expects to repay a portion of its outstanding indebtedness with the proceeds and will continue to own a significant equity stake in Constar after the offering.

Salomon Smith Barney is acting as the sole book running manager of the common stock and note offerings. Copies of the written prospectuses relating to the offerings may be obtained, when available, from Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, Brooklyn, New York 11220.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve a number of risks, uncertainties and other factors, which may cause the 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 Crown to differ include, without limitation, that the proposed offering is subject to a number of conditions and approvals and there can be no assurance that an offering will be completed as described or at all. Other important factors are discussed under the caption "Forward-Looking Statements" in Crown's Form 10-K Annual Report for the year ended December 31, 2001 and in subsequent filings. Crown does not intend to review or revise any particular forward-looking statement in light of future events.

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

Constar is a leading global producer of PET plastic containers for food and beverages.

SOURCE Crown Cork & Seal Company, Inc.
Web site: https://www.crowncork.com
CONTACT: Timothy J. Donahue, Senior Vice President - Finance of Crown Cork & Seal Company, +1-215-698-5088