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Restructuring Charges

15 Months Ended

Jan. 31, 2012

NOTE 7 — RESTRUCTURING CHARGES

The following is a reconciliation of the beginning and ending restructuring reserve balances for the three-month period ending January 31, 2012 (Dollars in millions):

		September 30,			September 30,			September 30,			September 30,
	Cash Charges						Non-cash Charges
	Employee
	Separation						Asset
	Costs			Other Costs			Impairments			Total

Balance at October 31, 2011	$	11.8		$	7.6		$	0.2		$	19.6
Costs incurred and charged to expense		5.2			1.9			1.8			8.9
Costs paid or otherwise settled		(9.3	)		(1.6	)		(1.6	)		(12.5	)


Balance at January 31, 2012	$	7.7		$	7.9		$	0.4		$	16.0

The focus for restructuring activities in 2012 continues to be on the contingency actions and integration of acquisitions in the Rigid Industrial Packaging & Services and Flexible Products & Services segments. During the three months ending January 31, 2012, the Company recorded restructuring charges of $8.9 million, which compares to $3.0 million of restructuring charges during the three months ending January 31, 2011. The restructuring activity for the three-month period ending January 31, 2012 consisted of $5.2 million in employee separation costs, $1.8 million in asset impairments and $1.9 million in other restructuring costs, primarily consisting of lease termination costs and professional fees.

The following is a reconciliation of the total amounts expected to be incurred from open restructuring plans which are anticipated to be realized in 2012 and 2013 or plans that are being formulated and have not been announced as of the date of this Form 10-Q. Amounts expected to be incurred were $25.5 million and $10.4 million at January 31, 2012 and October 31, 2011, respectively. The increase was due to the formulation of new plans by management. (Dollars in millions):

		September 30,		September 30,		September 30,
	Amounts Expected to be		Three months ended		Amounts Remaining to be
	Incurred		January 31, 2012		Incurred
Rigid Industrial Packaging & Services
Employee separation costs	$	12.6	$	4.3	$	8.3
Asset impairments		1.7		1.7		—
Other restructuring costs		8.8		1.3		7.5

		23.1		7.3		15.8
Flexible Products & Services
Employee separation costs		1.7		0.9		0.8
Asset impairments		0.1		0.1		—
Other restructuring costs		0.6		0.6		—

		2.4		1.6		0.8

	$	25.5	$	8.9	$	16.6

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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