-------------------------------------------------------------------------------


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q


[   X   ]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
              THE SECURITIES EXCHANGE ACT OF 1934

              FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997

[        ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
              THE SECURITIES EXCHANGE COMMISSION ACT OF 1934

              FOR THE TRANSITION PERIOD FROM _______ TO ________

                          COMMISSION FILE NUMBER 1-2227


                         CROWN CORK & SEAL COMPANY, INC.
             (Exact name of registrant as specified in its charter)

        Pennsylvania                                    23-1526444
 (State or other jurisdiction                        (I.R.S. Employer
of incorporation or organization)                   Identification No.)

 One Crown Way, Philadelphia, PA                         19154-4599
(Address of principal executive offices)                 (Zip Code)

                                  215-698-5100
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No ___

There are 128,356,874 shares of Common Stock outstanding as of October 31, 1997.




-------------------------------------------------------------------------------



<PAGE>


                         Crown Cork & Seal Company, Inc.

                          PART 1- FINANCIAL INFORMATION
                        CONSOLIDATED STATEMENTS OF INCOME
                       (In millions except per share data)
                                   (Unaudited)

-------------------------------------------------------------------------------


Three months ended September 30,                1997                  1996

-------------------------------------------------------------------------------


Net sales                                     $2,341.3              $2,462.1
                                              --------              --------

Costs, expenses & other income

   Cost of products sold, excluding
    depreciation and amortization              1,835.9               1,988.6
   Depreciation and amortization                 136.6                 130.0
   Selling and administrative expense            102.8                 101.6
   Provision for restructuring                    66.6
   Gain on sale of assets                    (     3.9)            (    12.6)
   Interest expense, net of interest income       84.5                  85.0
   Translation and exchange adjustments            3.2                   3.0
                                              --------              --------
                                               2,225.7               2,295.6
                                              --------              --------

Income before income taxes                       115.6                 166.5

Provision for income taxes                        35.3                  54.1

Minority interests, net of equity earnings         5.0             (     3.0)
                                              --------              ---------

Net income                                        85.3                 109.4

Preferred stock dividends                          5.9                   5.9
                                              --------              --------

Net income available to common shareholders   $   79.4              $  103.5
                                              ========              ========

Earnings per average common share:

                  Primary                     $    .62              $    .81
                                              ========              ========
                  Fully diluted               $    .61              $    .78
                                              ========              ========

Dividends per common share                    $    .25              $    .25
                                              ========              ========

Weighted average common shares outstanding:

                  Primary                        128.8                 128.5
                  Fully diluted                  140.1                 139.8

-------------------------------------------------------------------------------


The accompanying notes are an integral part of these financial statements.









                                        2

<PAGE>


                         Crown Cork & Seal Company, Inc.

                        CONSOLIDATED STATEMENTS OF INCOME
                       (In millions except per share data)
                                   (Unaudited)

-------------------------------------------------------------------------------


Nine months ended September 30,                 1997                 1996

-------------------------------------------------------------------------------


Net sales                                     $6,565.2             $6,367.0
                                              --------             --------

Costs, expenses & other income

   Cost of products sold, excluding
    depreciation and amortization              5,166.3              5,169.1
   Depreciation and amortization                 414.8                359.8
   Selling and administrative expense            311.3                277.4
   Provision for restructuring                    66.6                 29.6
   Gain on sale of assets                    (    38.1)           (    22.8)
   Interest expense, net of interest income      254.4                223.0
   Translation and exchange adjustments            6.0            (    35.7)
                                              --------             ---------
                                               6,181.3              6,000.4
                                              --------             ---------

Income before income taxes                       383.9                366.6

Provision for income taxes                       125.2                107.7

Minority interests, net of equity earnings   (     2.4)           (    14.1)
                                              --------             ---------

Net income                                       256.3                244.8

Preferred stock dividends                         17.6                 13.9
                                              --------             ---------

Net income available to common shareholders   $  238.7             $  230.9
                                              ========             =========

Earnings per average common share:

                  Primary                     $   1.85             $   1.91
                                              ========             =========
                  Fully diluted               $   1.83             $   1.89
                                              ========             =========

Dividends per common share                    $    .75             $    .75
                                              ========             =========

Weighted average common shares outstanding:

                  Primary                        129.1                120.8
                  Fully diluted                  140.4                129.8

--------------------------------------------------------------------------------


The financial statements for 1996 include the operations of CarnaudMetalbox from
the acquisition date of February 22, 1996.

The accompanying notes are an integral part of these financial statements.








                                        3

<PAGE>


                        Crown Cork & Seal Company, Inc.

                    CONSOLIDATED BALANCE SHEETS (Condensed)
                      (In millions except book value)
                               (Unaudited)

-------------------------------------------------------------------------------

                                                  September 30,    December 31,
                                                      1997             1996
-------------------------------------------------------------------------------


Assets

Current assets

   Cash and cash equivalents                        $   197.3        $   160.4
   Receivables                                        1,709.7          1,349.3
   Inventories                                        1,365.7          1,423.8
   Prepaid expenses and other current assets            339.6            358.4
                                                    ---------        ---------
     Total current assets                             3,612.3          3,291.9
                                                    ---------        ---------

Long-term notes and receivables                          82.9             82.2
Investments                                             101.9             90.3
Goodwill, net of amortization                         4,649.8          4,809.9
Property, plant and equipment                         3,564.7          3,717.3
Other non-current assets                                722.0            598.6
                                                    ---------        ---------
     Total                                          $12,733.6        $12,590.2
                                                    =========        =========

Liabilities and shareholders' equity

Current liabilities
   Short-term debt                                  $ 1,611.7        $ 1,105.8
   Current portion of long-term debt                    141.3             48.5
   Accounts payable and accrued liabilities           2,419.0          2,460.9
   United States and foreign income taxes                73.6             47.3
                                                    ---------        ---------
     Total current liabilities                        4,245.6          3,662.5
                                                    ---------        ---------
Long-term debt, excluding current maturities          3,494.3          3,923.5
Postretirement and pension liabilities                  698.3            738.9
Other non-current liabilities                           489.7            458.2
Minority interests                                      249.1            243.8
Shareholders' equity                                  3,556.6          3,563.3
                                                    ---------        ---------
     Total                                          $12,733.6        $12,590.2
                                                    =========        =========
Book value per common share                           $23.65           $23.69

-------------------------------------------------------------------------------



The accompanying notes are an integral part of these financial statements.






                                        4

<PAGE>


                         Crown Cork & Seal Company, Inc.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed)
                                  (In millions)
                                   (Unaudited)

-------------------------------------------------------------------------------

Nine months ended September 30,                         1997            1996
-------------------------------------------------------------------------------


Cash flows from operating activities
   Net income                                         $ 256.3        $   244.8
   Depreciation and amortization                        414.8            359.8
   Provision for restructuring                           43.3             21.9
   Foreign currency gain                                   -         (    42.1)
   Gain on sale of assets                            (   27.6)       (    13.7)
   Equity in earnings of joint ventures,
     net of dividends received                       (    3.9)             7.0
   Minority interest in earnings of subsidiaries          6.0             10.5
   Change in assets and liabilities, other than debt (  622.3)       (   329.9)
                                                      -------        ---------
     Net cash provided by operating activities           66.6            258.3
                                                      -------        ---------

Cash flows from investing activities
   Capital expenditures                              (  343.3)       (   428.4)
   Acquisition of businesses, net of cash acquired   (   10.0)       ( 1,533.1)
   Proceeds from sale of assets                          34.0             27.4
   Proceeds from sale of businesses                      90.0            107.9
   Other, net                                        (    5.9)       (    14.4)
                                                      -------         --------
     Net cash used in investing activities           (  235.2)       ( 1,840.6)
                                                      -------         --------

Cash flows from financing activities
   Proceeds from long-term debt                          24.7          1,886.6
   Payments of long-term debt                        (  264.2)       (    90.4)
   Net change in short-term debt                        578.9        (    23.9)
   Dividends paid                                    (  114.0)       (   107.4)
   Common stock:
     Repurchased for treasury                        (   17.2)
     Issued under employee benefit plans                  8.9              5.5
   Minority contributions, net of dividends paid          4.5             14.9
                                                      -------         --------
     Net cash provided by financing activities          221.6          1,685.3
                                                      -------         --------

Effect of exchange rate changes on
  cash and cash equivalents                          (   16.1)       (     2.4)
                                                      -------         --------

Net change in cash and cash equivalents                  36.9            100.6
Cash and cash equivalents at beginning of period        160.4             68.1
                                                      -------         --------
Cash and cash equivalents at end of period             $197.3         $  168.7
                                                      =======         ========

-------------------------------------------------------------------------------

                                                       1997             1996
-------------------------------------------------------------------------------


Schedule of non-cash investing activities:
     Acquisition of businesses:
         Fair value of assets acquired                 $70.0          $7,855.1
         Liabilities assumed                                         ( 3,867.2)
         Notes payable                                ( 60.0)
         Issuance of common stock                                    ( 1,562.4)
         Issuance of 4.5%
          convertible preferred stock                                (   520.8)
                                                       -----         ---------
         Cash paid                                     $10.0          $1,904.7
                                                       =====         =========

-------------------------------------------------------------------------------


Certain prior year balances have been reclassified to improve comparability.

The accompanying notes are an integral part of these financial statements.



                                        5

<PAGE>

                        Crown Cork & Seal Company, Inc.


           CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                            (In millions) (Unaudited)
<TABLE>

------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
                                                                                      Minimum     Cumulative
                                   Preferred     Common      Paid-In     Retained     Pension    Translation   Treasury
                                     Stock       Stock       Capital     Earnings    Liability   Adjustments    Stock        Total
------------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>          <C>         <C>         <C>            <C>         <C>         <C>        <C>


Balance at December 31, 1996        $520.8      $779.0      $1,567.3    $1,185.0       ($14.8)      ($337.1)   ($136.9)   $3,563.3

Net income                                                                 256.3                                             256.3

Dividends declared:

         Common                                                            (96.4)                                        (    96.4)
         Preferred                                                         (17.6)                                        (    17.6)

Common stock issued 
  under employee benefit plans                                   7.6                                               1.3         8.9

Repurchased for treasury                                       (15.6)                                          (   1.6)  (    17.2)

Translation adjustments                                                                            (  140.7)             (   140.7)

                                  --------------------------------------------------------------------------------------------------


Balance at September 30, 1997       $520.8      $779.0      $1,559.3    $1,327.3       ($14.8)      ($477.8)   ($137.2)   $3,556.6

                                  --------------------------------------------------------------------------------------------------

</TABLE>

<TABLE>

------------------------------------------------------------------------------------------------------------------------------------

                                                                                      Minimum     Cumulative
                                   Preferred     Common      Paid-In     Retained     Pension    Translation   Treasury
                                     Stock       Stock       Capital     Earnings    Liability   Adjustments    Stock        Total
------------------------------------------------------------------------------------------------------------------------------------
<S>                                 <C>          <C>        <C>         <C>          <C>            <C>        <C>        <C> 


Balance at December 31, 1995                     $592.5    $   182.7    $1,049.0     ($32.1)        ($191.7)   ($139.2)    $1,461.2

Net income                                                                 244.8                                              244.8

Common Stock issued 
  in business combinations                        186.5      1,375.9                                                        1,562.4

4.5% convertible preferred 
  stock issued in
     business combinations          $520.8                                                                                    520.8

Dividends declared:

         Common                                                       (    96.1)                                          (    96.1)
         Preferred                                                    (    13.9)                                          (    13.9)

Common stock issued 
  under employee benefit plans                                   4.2                                               1.3          5.5

Translation adjustments                                                                            (   13.9)              (    13.9)

                                ----------------------------------------------------------------------------------------------------


Balance at September 30, 1996       $520.8       $779.0     $1,562.8   $1,183.8      ($32.1)       ( $205.6)   ($137.9)    $3,670.8

                                ----------------------------------------------------------------------------------------------------

</TABLE>

The accompanying notes are an integral part of these financial statements.

                                                                       6

<PAGE>


                         Crown Cork & Seal Company, Inc.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                      (In millions, except per share data)
                                   (Unaudited)

A.       Statement of Information Furnished

The accompanying unaudited interim consolidated and condensed financial
statements have been prepared by the Company in accordance with instructions to
Rule 10-01 of Regulation S-X. In the opinion of management, these consolidated
financial statements contain all adjustments necessary to present fairly the
financial position of Crown Cork & Seal Company, Inc. as of September 30, 1997
and the results of operations and cash flows for the periods ended September 30,
1997 and 1996, respectively. These results have been determined on the basis of
generally accepted accounting principles and practices consistently applied and
are not necessarily indicative of the results that may be expected for the year
ending December 31, 1997.

Certain information and footnote disclosures, normally included in financial
statements presented in accordance with generally accepted accounting
principles, have been condensed or omitted. The accompanying Consolidated
Financial Statements should be read in conjunction with the financial statements
and notes thereto incorporated by reference in the Company's Annual Report on
Form 10-K for the year ended December 31, 1996.

B.       Restructuring

During the third quarter of 1997, the Company provided $66.6 ($43.3 after taxes
or $.31 per share on a fully diluted basis) for the costs associated with a plan
to improve the structure of its polyethylene terephthalate (PET)plastic beverage
container business in the United States by closing six manufacturing locations
in its CONSTAR subsidiary along with other, non-PET, restructuring activities, 
primarily in Europe. Annual savings relating to these actions, when fully 
implemented, are expected to be approximately $20.0 ($.14 per share on a fully
diluted basis). Following this restructuring, the Company will operate 25 PET 
container manufacturing facilities in 12 countries. The Company expects to 
maintain its existing manufacturing capacity, and by relocating equipment among
its remaining larger facilities, meet all current and prospective volume 
requirements. The Company records restructuring charges against operations and 
provides a reserve based on the best information available at the time that the
decision is made to restructure.

The Company has made an assessment of the restructuring and exit costs to be
incurred relative to the acquisition of CarnaudMetalbox (CMB). Affected by the
plan of restructuring are forty plants and regional administrative offices to be
closed and approximately fifty-two plants and regional administrative offices to
be reorganized. The restructuring efforts, which commenced at the end of the
first quarter of 1996, are expected to be substantially completed during 1997.
Since commencement of the plan, the Company has determined alternative sites for
manufacture and qualified the new manufacturing sites with customers. As of
September 30, 1997, the Company had accrued approximately $534 for the costs
associated with restructuring CMB operations and included such costs in the
purchase price of CMB in accordance with purchase accounting requirements. These
costs comprise severance pay and benefits, write-down of assets, lease
termination and other exit costs. The cost of providing severance pay and
benefits for the reduction of approximately 6,500 employees is estimated at
approximately $257 and is primarily a cash expense. Employees to be terminated
include most, if not all, employees at each plant or office to be closed and
selected employees at those plants to be reorganized, including salaried
employees and employees of the respective unions represented at each plant site.
The write-down of assets (principally property, plant and equipment) is
estimated at approximately $217 and has been reflected as a reduction in the
carrying value of the Company's assets. Lease termination and other exit costs,
primarily repayments of government grants and subsidies, are estimated at
approximately $60 and are primarily cash expenses. The $534 in restructuring
costs recorded in connection with the CMB acquisition includes the $95
restructuring charge announced in 1996 by CarnaudMetalbox Asia Ltd., a
subsidiary of the Company.









                                        7

<PAGE>


                         Crown Cork & Seal Company, Inc.



The Company estimates that the restructuring of CMB operations will generate
annual cost savings of approximately $160 ($105 after-tax) on a full year basis.
It is also estimated that capital expenditures of approximately $100 will be
made to expand and upgrade other facilities to minimize the adverse effects of
the restructuring on existing business and customer relationships.

The balance of the restructuring reserves (excluding the write-down of assets
which is reflected as a reduction of the related asset account) is included
within accounts payable and accrued liabilities. The components of the
restructuring reserve are as follows:
--------------------------------------------------------------------------------

           Balance at   Provision     Provisions          Transfer Balance at
           December 31, for existing  for CMB    1997     against  September 30,
              1996      businesses    businesses Activity assets      1997
                                          *
--------------------------------------------------------------------------------

Employee 
  costs      $222.1       $13.3       ($11.9)    ($56.7)             $166.8
Write - 
 down of  
 assets                    44.3         32.0              ($76.3)      -
Lease 
 termination
  and other 
   exit costs  37.6         9.0         11.5     ( 19.2)               38.9
             ------       -----        -----     ------    ------    ------

             $259.7       $66.6        $31.6     ($75.9)  ($76.3)    $205.7
             ======       =====        =====      ======   ======    ======

     *    Provisions made in the first quarter of 1997.

The foregoing restructuring charges and related cost savings represent the
Company's best estimates, but necessarily make numerous assumptions with respect
to industry performance, general business and economic conditions, raw materials
and product pricing levels, the timing of the implementation of restructuring
and related employee reductions and facility closings and other matters, many of
which are outside the Company's control. The Company's estimate of cost savings,
which is unaudited, is not necessarily indicative of future performance, and
may be significantly more or less favorable than as set forth above and is
subject to the considerations described herein on Page 15 under "Forward Looking
Statements" within Item 2 "Management's Discussion and Analysis of Results of
Operations and Financial Condition." Shareholders are cautioned not to place
undue reliance on the estimates or the underlying assumptions and should
appreciate that such information may not necessarily be updated to reflect
circumstances existing after the date hereof or to reflect the occurrence of
unanticipated events.

C.       Inventories


          ---------------------------------------------------------------------


                                           September 30,         December 31,
                                               1997                  1996
          ---------------------------------------------------------------------


           Finished Goods                  $  562.6               $  529.8

           Work in Process                    191.7                  210.7

           Raw Materials                      442.4                  550.1

           Supplies and Repair Parts          169.0                  133.2
                                           --------               --------

                                           $1,365.7               $1,423.8
                                           ========               ========






                                        8

<PAGE>


                         Crown Cork & Seal Company, Inc.



D.       Earnings per Share

In February 1997, the Financial Accounting Standards Board released SFAS No.
128, Earnings per Share, which replaces Accounting Principles Board Opinion No.
15. SFAS No. 128 is effective for both interim and annual periods ending after
December 15, 1997. Primary EPS will be replaced by basic EPS. The calculation
for basic EPS excludes any potential dilutive securities. On a pro-forma basis,
basic EPS would be $.62 per share in the quarter, the same as presented in this
report, and $1.86 for the nine months ended September 30, 1997. Fully diluted
EPS will be replaced by diluted EPS. Pro forma diluted EPS for the quarter and
nine months ended September 30, 1997 would be the same as fully diluted EPS as
presented within this report. Dual presentation of basic and diluted EPS will be
required on the face of the Consolidated Statements of Income.


E.       Supplemental Cash Flow Information

Cash payments for interest, net of amounts capitalized ($5.5 and $2.3 for 1997
and 1996, respectively), were $263.1 and $255.3 during the nine months ended
September 30, 1997 and 1996, respectively. Cash payments for income taxes
amounted to $45.7 and $41.5 during the nine months ended September 30, 1997 and
1996, respectively.





































                                        9

<PAGE>


                         Crown Cork & Seal Company, Inc.

                         PART 1 - FINANCIAL INFORMATION

Item     2.  Management's  Discussion  and Analysis of Results of Operations and
         Financial  Condition (in millions,  except share, per share,  employee,
         shareholder and statistical data)

Introduction

The following discussion presents management's analysis of the results
of operations for the three and nine months ended September 30, 1997,
compared to the corresponding periods in 1996 and the changes in
financial condition and liquidity from December 31, 1996. This
discussion should be read in conjunction with the Consolidated
Financial Statements and Notes thereto included in the Company's Annual
Report on Form 10-K for the year ended December 31, 1996, along with
the consolidated financial statements and related notes included in and
referred to within this report.

Restructuring

During the third quarter of 1997 the Company announced the closure of
six PET manufacturing facilities in its Constar subsidiary and other
non-PET operations, in Europe. The Company incurred a pre-tax charge of
$66.6 ($43.3 after-tax or $.31 per share on a fully diluted basis).  
Further details of these actions are presented in Note B to the 
Consolidated Financial Statements presented in Item 1 of this Quarterly 
Report on Form 10-Q.

                             Results of Operations

Net Income and Earnings Per Share

The Company reported net income of $85.3 or $.61 per fully diluted
common share for the third quarter of 1997 compared with net income of
$109.4 or $.78 per fully diluted common share for the same period in
1996.

For the nine months ended September 30, 1997, net income was $256.3 or
$1.83 per fully diluted common share compared with net income of $244.8
or $1.89 per fully diluted common share for the same period in 1996.
Net income for the nine months of 1997 includes an after-tax gain of
$27.6 primarily from the sale of Crown Simplimatic Machinery operations
and three surplus properties in the United States as well as the
restructuring activities referred to above. Net income for the nine
months of 1996 included a foreign exchange gain of $42.1, after-tax
gains of $13.7 on the sale of real estate as well as after-tax charges
of $21.9 for the restructuring of businesses in Europe and South
America.


Net Sales

Net sales in the quarter decreased $120.8 or 4.9% from $2,462.1 in 1996
to $2,341.3 in 1997. Net sales for the first nine months of 1997 were
$6,565.2, an increase of $198.2 or 3.1% over net sales of $6,367.0 for
the same period of 1996. In the quarter, sales from domestic operations
increased 4.6% while non-U.S. sales decreased 10.7% due to the
appreciation of the U. S. dollar against other currencies, primarily
those within Europe. Domestic sales in the third quarter accounted for
41.7% of consolidated sales in 1997 as compared to 37.9% a year
earlier. Sales of beverage cans and ends as a percentage of
consolidated net sales have increased in the third quarter from 25.8%
to 29.3% whereas sales of food cans and ends have declined from 37.9%
to 34.0% compared to the prior year third quarter. Sales of plastic
products, including Health and Beauty, as a percentage of consolidated
net sales was 17.1% and 18.2% for the quarter and nine months ended
September 30, 1997, as compared to 17.2% and 20.7% for the same periods
in 1996. North American beverage can and end sales represented 17.2%
and 17.1%, respectively, of consolidated net sales for the quarter and
nine months ended September 30, 1997 as compared to 14.7% and 16.6% for
the comparable periods in 1996.


                                       10

<PAGE>


                         Crown Cork & Seal Company, Inc.


Item 2.  Management's Discussion and Analysis (Continued)

An analysis of net sales by operating division follows:

                            Net Sales                  Percentage Change
              ---------------------------------------  -----------------
                  Third Quarter     Nine Months Ended    Third     Nine
              -------------------  ------------------   Quarter   Months
                 1997      1996       1997      1996    -------   ------- 
                 ----      ----       ----      ----    
Divisions:
Americas      $1,076.2   $1,017.6  $2,864.1  $2,847.7     5.8       .6
European       1,131.9    1,299.5   3,233.3   3,086.7   (12.9)     4.7
Asia-Pacific      93.1      108.5     294.7     303.3   (14.2)  (  2.8)
Other             40.1       36.5     173.1     129.3     9.9     33.9
              --------   --------  --------  --------
              $2,341.3   $2,462.1  $6,565.2  $6,367.0   ( 4.9)     3.1
              ========   ========  ========  ========

Net sales within the Americas Division increased 5.8% for the quarter
and increased .6% for the nine months ended September 30, 1997 as
compared to the same periods in 1996. The increase in 1997 sales is
primarily a result of (i) increased unit sales volumes in beverage cans
and ends, food cans and aerosol cans in the United States and Canada,
(ii) increased unit sales volumes in single-serve PET beverage bottles
and plastic beverage closures, (iii) initial sales volumes at the
Company's new beverage can and end plants in Brazil; offsetting (i)
decreased raw material prices which forced decreases in selling prices,
primarily in PET bottles and aluminum cans and ends, (ii) unit sales
volume decreases in 2 liter PET beverage bottles and (iii) continued
sluggish demand for beverage cans in Mexico. Competitive pressures
continue to affect selling prices on most product lines.

Net sales in the European Division declined 12.9% in the quarter and
increased 4.7% for the nine months ended September 30, 1997 compared to
the same periods in 1996. The decrease in sales in the quarter is due
primarily to (i) the appreciation of the U.S. dollar against most
European currencies, reducing quarter sales by $118, (ii) lower PET
resin costs passed on to customers in the form of lower selling prices,
(iii) ongoing restructuring effects, including the elimination of
products with negative contributions and (iv) unit sales volume
decreases in food cans and beverage cans and ends. For the nine months
ended September 30, 1997 sales increased over 1996 as a result of the
consolidation of CMB activity for the full nine months in 1997 (39
weeks) versus only 31 weeks in 1996.

Net sales in the Asia-Pacific Division decreased 14.2% in the third
quarter and decreased 2.8% for the nine months ended September 30, 1997
compared to the same periods in 1996. The decrease in 1997 sales is due
to (i) excess beverage can capacity and aggressive competition which
continues to erode selling prices in China, (ii) soft demand for
three-piece beverage cans in Malaysia as the market shifts to
two-piece, (iii) declining fruit markets in Malaysia, (iv) the closure
of six plants in the region since the second quarter of 1996 and (v)
the appreciation of the U.S. dollar against most Southeast Asian
currencies, reducing sales by $9 in the quarter; offsetting increased
unit sales volumes in (i) beverage cans in China, Thailand and Vietnam
and (ii) food cans in Thailand and Singapore.

Net sales for Other operating units increased 9.9% and 33.9%,
respectively, in the quarter and nine months ended September 30,1997
compared to the same periods in 1996. The increase is primarily due to
the addition of Golden Aluminum which was acquired March 1, 1997;
partially offset by the May 1997 divestiture of Crown - Simplimatic
Machinery Operations.

                                       11



<PAGE>


Item 2. Management's Discussion and Analysis (Continued)

Cost of Products Sold

Cost of products sold, excluding depreciation and amortization, for the
quarter ended September 30, 1997 was $1,835.9, a 7.7% decrease compared
to $1,988.6 for the same period in 1996. For the nine months ended
September 30, 1997, these costs decreased .1% to $5,166.3 from $5,169.1
in 1996. The decrease in the quarter reflects lower raw material costs
and the impact of the appreciation of the U. S. dollar against most
European currencies offsetting increased unit sales volumes in many
product lines.

As a percentage of net sales, cost of products sold was 78.4% for the
quarter and 78.7% for the nine months ended September 30, 1997, as
compared to 80.8% and 81.2%, respectively, for the same periods in 1996.
This improvement has resulted from (i) increased unit sales volumes in
certain product lines, (ii) benefits derived from the Company's
continuing cost containment and restructuring programs and (iii) the
effect of decreases in raw material costs.

Selling and Administrative

Selling and administrative expenses for the quarter ended September 30,
1997 were $102.8, an increase of 1.2% compared to the third quarter of
1996. As a percentage of net sales, selling and administrative expenses
were 4.4% in the third quarter of 1997 as compared to 4.1% for the same
period of 1996. For the nine months ended September 30, 1997, these
expenses have increased 12.2% from a year earlier and as a percentage
of net sales are 4.7% as compared to 4.4% in 1996. The increase in 1997
costs and their percentage to net sales is directly related to the
consolidation of CMB activity for a full nine months in 1997 (39 weeks)
as compared to only 31 weeks in 1996.

Operating Income

For the quarter, consolidated operating income decreased 17.6% to
$199.4 from $241.9 for the comparable period in 1996. For the nine
months ended September 30, 1997, consolidated operating income
increased 14.1% to $606.2 from $531.1 for the same period a year
earlier. Consolidated operating income for the quarter and for the nine
months ended September 30, 1997 included pretax restructuring charges
of $66.6 as compared to a restructuring charge of $29.6 for the nine
months ended September 30, 1996.

An analysis of operating income, excluding restructuring charges, by
operating division follows:
                            Operating Income             Percentage Change
                ------------------------------------     ------------------
                 Third Quarter    Nine  Months Ended      Third     Nine
                ---------------   ------------------     Quarter   Months
                  1997     1996    1997     1996         --------  -------
                  ----     ----    ----     ----     
Divisions:
Americas        $ 84.4   $ 73.6   $227.8   $169.3          14.7     34.6
European         180.2    159.9    431.4    367.4          12.7     17.4
Asia-Pacific     ( 1.4)     5.0      7.4     14.1        (128.0)   (47.5)
Other              2.8      3.4      6.2      9.9        ( 17.6)   (37.4)
                ------   ------   ------   ------
                $266.0   $241.9   $672.8   $560.7          10.0     20.0
                ======   ======   ======   ======



                                       12

<PAGE>


                         Crown Cork & Seal Company, Inc.


Item 2.  Management's Discussion and Analysis (Continued)

Operating income for the Americas Division, as a percentage of net
sales, was 7.8% in the third quarter of 1997 and 8.0% for the nine
months ended September 30, 1997 as compared to 7.2% and 5.9% for the
same periods of 1996. The increase in 1997 operating margins is due to
(i) increased unit sales volumes in beverage cans and ends, aerosol
cans and food cans in the U.S. and Canada; (ii) increased unit sales
volumes of single-serve PET beverage bottles, (iii) increased unit
sales volumes of plastic beverage closures, (iv) the start-up of the
Company's new beverage can and end plants in Brazil and (v) increased 
efficiencies in most U.S. and Canadian plants due to the restructuring 
programs initiated in 1995 and 1994, the ongoing cost containment programs 
and the completion of 202 diameter conversion programs in 1996; partially 
offset by (i) continued pricing pressures in both metal and plastic beverage 
containers, (ii) lower unit sales volumes of 2 liter PET beverage bottles 
and (iii) weak demand for beverage cans in Mexico.

Operating income for the European Division, as a percentage of net
sales, was 15.9% in the third quarter of 1997 and 13.3% for the nine
months ended September 30, 1997 as compared to 12.3% and 11.9% for the 
same periods of 1996. The increased margin is directly attributable to 
(i) cost reduction programs initiated by the Company upon the acquisition 
of CMB whereby inefficient plants, products with negative contribution and
excess administrative overhead are being eliminated, (ii) increased
unit sales volumes in PET bottles, plastic closures and aerosol cans
and (iii) better market conditions for specialty cans; offsetting (i)
the appreciation of the U.S. dollar against most European currencies,
decreasing third quarter operating income by $19, (ii) decreased unit
sales volumes in food cans in France and Italy due to increased
competition and (iii) decreased unit sales volumes in beverage cans and
ends.

The operating loss for the Asia-Pacific Division was 1.5% of net sales
in the third quarter of 1997 and the operating income for the nine
months ended September 30, 1997 was 2.5% as compared to operating
income of 4.6% to net sales for both the three and nine month periods
of 1996. The decrease in 1997 operating margins is due to (i) reduced
beverage can pricing throughout the region, (ii) lower unit sales
volumes of three-piece cans in Malaysia, (iii) new plant start-ups in
China and Vietnam and (iv) the recent currency crisis affecting most
Southeast Asian economies; offsetting (i) strong unit sales volumes of
beverage cans in Singapore, Malaysia and Thailand, (ii) strong food can
unit sales volumes in Thailand and (iii) the benefits accruing to the
Company from the 1996 closure of six inefficient plants in the region.


Operating income for Other operating units was 7.0% of net sales in the
third quarter of 1997 and 3.6% for the nine months ended September
30,1997 as compared to 9.3% and 7.7% for the same periods of 1996. 
The decrease in 1997 operating margins is due primarily to (i) start-up 
losses at Golden Aluminum which was purchased on March 1, 1997 and 
(ii) the sale of the Company's Crown - Simplimatic Machinery operations 
on May 14, 1997.

The Company's basic raw materials for its products are tinplate,
aluminum and resins, all of which are purchased from multiple sources.
The Company is subject to material fluctuations in the cost of these
raw materials and has previously adjusted its selling prices in
response to these movements. There can be no assurance, however, that
the Company will be able to recover fully any increases or fluctuations
in raw material costs from its customers.

Net Interest Expense / Income

Consolidated net interest expense, net of interest income, for the
third quarter and nine months ended September 30, 1997, was $84.5 and
$254.4, respectively, as compared to $85.0 and $223.0 for the comparable 
periods in 1996. The increase in net interest expense is due primarily to 
(i) borrowings used in the acquisition of CMB remaining outstanding for the
full nine months of 1997 (39 weeks) as compared to only 31 weeks in 1996, 
(ii) cash requirements for restructuring programs and (iii) the financing of 
seasonal working capital buildups.

                                       13


<PAGE>

Item 2. Management's Discussion and Analysis (Continued)

Taxes on Income

Year-to-date, the effective tax rate was 32.6% in 1997 as compared to
29.4% in 1996. Operations in the United States, which are subject to
higher effective tax rates, have provided a greater portion of the
Company's income before taxes in the first nine months of 1997 as
compared to 1996.

Minority Interests, Net of Equity in Earnings of Affiliates

Minority interests, net of equity in earnings of affiliates, was $2.4
for the nine months ended September 30, 1997 as compared to $14.1 for
the same period of 1996. This change is due primarily to (i) decreased
profits in the Company's consolidated joint ventures in Brazil, China,
Greece, the United Arab Emirates and Vietnam and (ii) increased
operating profits at the Company's non-consolidated affiliates in
Brazil and Mexico.


                        Liquidity and Capital Resources

Cash from Operations

Net cash of $66.6 was provided by operating activities during the nine
months ended September 30, 1997, as compared to net cash provided of
$258.3 for the same period in 1996. In the first quarter of 1996 a
significant portion of the seasonal buildup of CMB's working capital
occurred before the acquisition date of February 22, 1996. Due to
higher sales volumes in the second and third quarters, it is customary
to realize large working capital buildups in the first quarter.

Investing Activities

Investing activities used cash of $235.2 during the nine months ended
September 30, 1997 compared with cash used of $1,840.6 for the same period of 
1996.  Capital expenditures for the nine months ended September 30, 1997 were
$343.3, a decrease of $85.1 as compared to capital expenditures of
$428.4 during the same period of 1996. For the nine months ended
September 30, 1996 the acquisition of CMB used cash of $1,533.1.

On March 5, 1997, The Company announced that it had purchased Golden
Aluminum Company (GAC) from ACX Technologies, Inc. The purchase price
was $70 million which included an immediate cash payment of $10 million
and a deferred payment of $60 million due within two years. Under the
terms of the purchase, the Company holds a put option enabling it to
return GAC to ACX if it chooses to exercise the option during the next
two years.

On May 14, 1997, the Company announced that it had sold its Machinery
Division known as Crown-Simplimatic to a group of investors including
division management. The selling price of $105 million includes $90
million in cash and $15 million of 8% Class A Preferred Stock that is
convertible into approximately 20% of the common stock of
Crown-Simplimatic.

The Company also sold three surplus properties in the United States
during the second quarter.

Gains, totaling $38.1, were realized from the sales of the machinery
operations and surplus properties during the nine months ended
September 30, 1997.


                                       14




<PAGE>


Item 2. Management's Discussion and Analysis (Continued)

Financing Activities

Financing activities provided cash of $221.6 during the nine months
ended September 30,1997, compared with $1,685.3 for the prior year
period. The decrease is directly related to 1996 borrowings used to
finance the acquisition of CMB.

Total debt, net of cash and cash equivalents, at September 30, 1997 was
$5,050.0 and represents an increase of $132.6 above the December 31,
1996 level of $4,917.4. The increase is due primarily to the financing
of the seasonal working capital buildup partially offset by the
strengthening of the U.S. dollar which reduced consolidated debt by
$153.1. Total debt, net of cash and cash equivalents, as a percentage
of total capitalization was 57.0% at September 30, 1997 as compared to
56.4% at December 31, 1996. Total capitalization is defined by the
Company as total debt (net of cash and cash equivalents), minority
interests and shareholders' equity.

On February 4, 1997, the Company's previous $1 billion multi-currency
facility and its previous French Franc (FRF) 13.7 billion credit
agreement were replaced with a new multi-currency revolving credit
agreement with a group of domestic and foreign banks. The new agreement
makes available $2.5 billion through the year 2002. Borrowings under
the new agreement are unsecured and bear interest at variable market
rates. The agreement contains certain financial covenants related to
leverage and interest coverage. Borrowings outstanding under the prior
FRF 13.7 billion credit agreement, amounting to $493.1 million at
December 31, 1996, were refinanced under this new agreement.

The decrease in working capital from December 31, 1996 is due primarily
to the refinancing of long-term debt on a short-term basis through the
issuance of commercial paper and also to seasonal business factors.

Recent Accounting Developments

In June 1997 the Financial Accounting Standards Board ("FASB") issued two
new accounting standards, SFAS No. 130 - Reporting Comprehensive Income
and SFAS No. 131 - Disclosures about Segments of an Enterprise and
Related Information. Both standards are effective with annual reporting
in 1998. The Company is currently assessing the impact that the new
standards will have on its financial statements. The implementation of
SFAS No. 130 will require that the components of comprehensive income
be reported in the financial statements. The implementation of SFAS No.
131 will require the disclosure of segment information utilizing the
approach that the Company uses to manage its internal organization.
SFAS No. 131 will also require the reporting of comparative segment
information on a quarterly basis, commencing with the first quarter of
1999.

Forward Looking Statements

Statements included herein in "Management's Discussion and Analysis of
Results of Operations and Financial Condition," and in the discussion
of the restructuring plan in Note B to the Consolidated Financial
Statements included in this Quarterly Report on Form 10-Q and in Part
I, Item 1: "Business" and Item 3: "Legal Proceedings" and in Part II,
Item 7: "Management's Discussion and Analysis of Results of Operations
and Financial Condition," within the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 1996, which are not
historical facts (including any statements concerning plans and
objectives of management for future operations or economic performance,
or assumptions related thereto), are "forward-looking statements"
within the meaning of the federal securities laws. In addition, the
Company and its representatives may from time to time make other oral
or written statements which are also "forward-looking statements."

These forward-looking statements are made based upon management's
expectations and beliefs concerning future events impacting the Company
and therefore involve a number of risks and uncertainties. Management
cautions that forward-looking statements are not guarantees and that
actual results could differ materially from those expressed or implied
in the forward-looking statements.


                                       15

<PAGE>


Item 2. Management's Discussion and Analysis (Continued)


While the Company periodically reassesses material trends and
uncertainties affecting the Company's results of operations and
financial condition in connection with the preparation of Management's
Discussion and Analysis of Results of Operations and Financial
Condition and certain other sections contained in the Company's
quarterly, annual or other reports filed with the SEC, the Company does
not intend to review or revise any particular forward-looking statement
in light of future events.

A discussion of important factors that could cause the actual results
of operations or financial condition of the Company to differ from
expectations has been set forth in the Company's Annual Report on Form
10-K for the year ended December 31, 1996 within Part II, Item 7:
"Management's Discussion and Analysis of Results of Operations and
Financial Condition" under the caption "Forward Looking Statements" and is 
incorporated herein by reference.  Some of the factors are also discussed 
elsewhere in this Form 10-Q and in prior Company filings with the Securities 
and Exchange Commission ("SEC"). In addition, other factors have been or may 
be discussed from time to time in the Company's SEC filings.





                                       16

<PAGE>


                         Crown Cork & Seal Company, Inc.


Item 5.  Other Information

On October 23, 1997, the Company's Board of Directors declared cash
dividends of $.25 per share on the Company's Common stock and $.4712
per share on the Company's 4.5% Convertible Preferred stock. Both
dividends are payable on November 20, 1997 to shareholders of record
on November 4, 1997.













                                       17

<PAGE>


                         Crown Cork & Seal Company, Inc.


Item 6.  Exhibits and Reports on Form 8-K

         a)   Exhibits

           11.  Statement re Computation of Per Share Earnings

           27.  Financial Data Schedule


         b)  Reports on Form 8-K

There were no reports on Form 8-K filed by Crown Cork & Seal
Company, Inc. during the quarter for which this report is
filed.









































                                       18

<PAGE>


                         Crown Cork & Seal Company, Inc.

                                SIGNATURE


Pursuant to the requirements of Securities and Exchange Commission Act
of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.






                                         Crown Cork & Seal Company, Inc
                                         Registrant

                                     By: /s/ Timothy J. Donahue
                                         Timothy J. Donahue
                                         Vice President and Controller


Date:  November 14, 1997


































                                       19

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