<PAGE>


                 EXHIBIT 12 - RATIO OF EARNINGS TO FIXED CHARGES
            Years ended December 31, 1996, 1997, 1998, 1999 and 2000
                      and the six months ended July 1, 2001
                          (IN MILLIONS, EXCEPT RATIOS)

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<CAPTION>

                                                                                                            SIX MONTHS
                                                                                                               ENDED
                                                                YEAR ENDED DECEMBER 31,                        JULY 1,
                                                 1996        1997        1998         1999         2000         2001
                                              ------------------------------------------------------------------------
<S>                                             <C>        <C>          <C>          <C>         <C>         <C>
Earnings/(loss):
   Earnings/(loss) before income tax
     expense/(benefit) per consolidated
     statement of earnings                       $31.2     $(191.9)     $(38.9)      $ 13.4      $ 57.9      $(200.8)

Add:
   Interest expense                               47.4        47.8        57.6         77.4        85.3         47.9
   Portion of rent representative of an
     interest factor                               9.3        10.7        10.5         10.2        10.1          5.1
                                            ------------------------------------------------------------------------

Adjusted earnings/(loss) before income
    tax benefit/(expense)                        $87.9     $(133.4)     $ 29.2       $101.0      $153.3      $(147.8)
                                            ========================================================================

Fixed charges:
   Interest expense                              $47.4     $  47.8      $ 57.6       $ 77.4      $ 85.3      $  47.9
   Portion of rent representative of an
     interest factor                               9.3        10.7        10.5         10.2        10.1          5.1
   Capitalized interest                            5.1         2.6         2.2          3.0         2.3          1.1
                                            ------------------------------------------------------------------------

Total fixed charges                              $61.8     $  61.1      $ 70.3       $ 90.6      $ 97.7      $  54.1
                                            ========================================================================

Ratio of earnings to fixed charges                 1.4(a)       --(b)       .4(c)       1.1         1.6           --(d)
                                            ========================================================================
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(a)  In 1996, the Company recorded a pre-tax expense for restructuring and other
     special charges of $150.0 million ($7.0 million of which was recorded in
     cost of goods sold). Excluding the pre-tax restructuring and other special
     charges, the ratio of earnings to fixed charges was 3.8.

(b)  Earnings were insufficient to cover fixed charges by $194.5 million after
     giving effect to the pre-tax expense for restructuring and other charges of
     $340.0 million ($16.5 million was recorded in cost of goods sold).
     Excluding the pre-tax restructuring and other charges, the ratio of
     earnings to fixed charges was 3.4.

(c)  Earnings were insufficient to cover fixed charges by $41.1 million after
     giving effect to the pre-tax expense for restructuring and other charges of
     $50.0 million. Excluding the pre-tax restructuring and other charges, the
     ratio of earnings to fixed charges was 1.1.

(d)  Earnings were insufficient to cover fixed charges by $201.9 million after
     giving effect to the pre-tax expense for restructuring and other charges of
     $80.0 million. Excluding the pre-tax restructuring and other charges, the
     ratio of earnings to fixed charges was still insufficient to cover fixed
     charges by $121.9 million.