<PAGE>

EXHIBIT 12 - RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, 1995, 1996, 1997, 1998 and 1999 and
  nine months ended October 1, 2000
(IN MILLIONS, EXCEPT RATIOS)

<TABLE>
<CAPTION>
                                                                                                          NINE MONTHS
                                                                                                             ENDED
                                                              YEAR ENDED DECEMBER 31,                      OCTOBER 1,
                                                 1995        1996       1997         1998        1999        2000
                                            ------------ ----------- ----------- ------------ ----------- ------------
<S>                                         <C>          <C>         <C>         <C>          <C>         <C>
Earnings/(loss):
   Earnings/(loss) before income tax
     expense/(benefit) per consolidated
     statement of earnings                    $(201.4)      $31.2     $(191.9)      $(38.9)     $ 13.4         $ 67.1

Add:
   Interest expense                              52.1        47.4        47.8         57.6        77.4           62.8
   Portion of rent representative of an
     interest factor                             11.7         9.3        10.7         10.5        10.2            7.6
                                            ------------ ----------- ----------- ------------ ----------- ------------

Adjusted earnings/(loss) before income
    tax benefit/ (expense)                    $(137.6)      $87.9     $(133.4)      $ 29.2      $101.0         $137.5
                                            ============ =========== =========== ============ =========== ============

Fixed charges:
   Interest expense                             $52.1       $47.4     $  47.8       $ 57.6      $ 77.4         $ 62.8
   Portion of rent representative of an
     interest factor                             11.7         9.3        10.7         10.5        10.2            7.6
   Capitalized interest                           4.8         5.1         2.6          2.2         3.0            1.7
                                            ------------ ----------- ----------- ------------ ----------- ------------

Total fixed charges                             $68.6       $61.8     $  61.1       $ 70.3      $ 90.6         $ 72.1
                                            ============ =========== =========== ============ =========== ============

Ratio of earnings to fixed charges              N/A(a)      1.4(b)      N/A(c)        .4(d)         1.1           1.9
                                            ============ =========== =========== ============ =========== =============
</TABLE>


(a)  Earnings were insufficient to cover fixed charges by $206.2 million after
     giving effect to the pre-tax expense for restructuring and other charges of
     $247.0 million. Excluding the pre-tax restructuring and other charges, the
     ratio of earnings to fixed charges was 1.6.

(b)  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.

(c)  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.

(d)  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.