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PHILADELPHIA, July 31 /PRNewswire-FirstCall/ -- ³Ô¹Ï51±¬ÁÏÍø Cork & Seal Company, Inc. (NYSE: CCK) today announced that it has completed the sale of its Central and East African packaging interests to Nampak Ltd. The Company's operations in Zambia have been excluded from the current transaction pending anti-trust clearance being obtained.

The Company received gross proceeds of US$23.5 million. Net proceeds were used to reduce outstanding short-term indebtedness. Nampak will pay the balance of the funds due, US$1.5 million, reflecting consideration for Zambia and other retention money held in escrow, once anti-trust approval is obtained in Zambia and the whole of the transaction is completed.

The above noted operations, operating under the ³Ô¹Ï51±¬ÁÏÍø Cork and MetalBox franchises, are well established and now become a part of Nampak, the leading packaging company on the African continent.

After giving effect to this transaction, the balance of the Company's term loan due August 4, 2002 stands at $44 million.

³Ô¹Ï51±¬ÁÏÍø Cork & Seal is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.

SOURCE ³Ô¹Ï51±¬ÁÏÍø Cork & Seal Company, Inc.
Web site:
CONTACT: Timothy J. Donahue, Senior Vice President - Finance, ³Ô¹Ï51±¬ÁÏÍø Cork & Seal Company, +1-215-698-5100