Crown Cork to Lay Off 2,700 Workers

Crown Cork & Seal Inc., the world’s largest maker of packaging containers, said it will lay off 2,700 employees, or 7% of its work force, as part of a cost-cutting program. The maker of packages for everything from beer to hair spray also warned that its third-quarter profit won’t meet expectations. The company went on a buying spree in the early 1990s to double its size and has been trying to wring out costs since its $5.2-billion acquisition of French company CarnaudMetalbox in 1996. The job reductions will result in a $121-million charge against earnings in the third quarter, the company said. The job cuts will be made in North America, South America and Europe as the company closes seven of its 247 plants worldwide.