EXHIBIT 21 - OTHER DOCUMENTS OR STATEMENTS TO SECURITY HOLDERS

Ball Corporation
Current Report on Form 8-K
Dated January 27, 1994



Exhibit EX-21

Following is the text of a press release disseminated by the registrant on
January 26, 1994:


BALL CORPORATION ANNOUNCES $95 MILLION
RESTRUCTURING CHARGE, REDUCES DIVIDENDS AND
REPORTS FOURTH QUARTER, FULL YEAR 1993 RESULTS

MUNCIE, Ind., January 26, 1994-- Ball Corporation [NYSE:BLL] announced it

was taking a fourth quarter 1993 provision of $95 million, $58 million after

tax, or $1.96 per share, for various restructuring actions, plant closings and

consolidations, primarily within the company's packaging operations, to be

completed over the next 12-24 months.

Ball also announced its board had approved a change in the company's

quarterly dividend on common stock from 31 cents to 15 cents per share. The

dividend is payable March 15, 1994, to shareholders of record on March 1.

Delmont A. Davis, president and chief executive officer, commented, "The

board today concluded that a dividend reduction was essential to the

accomplishment of Ball Corporation's goal of increased share value. The

reduced dividend is consistent with changes in Ball Corporation's

capitalization as a result of the 1993 spin-off of Alltrista Corporation,

which enabled Ball's shareholders to enjoy a one-time special dividend with an

equivalent cash value of $4.25 per Ball share.

"The lower dividend will enhance Ball's historically strong cash flow and

ability to reduce debt and finance opportunities for future growth, both

domestically and internationally," Davis said. "We also believe the

restructuring provision will help improve the company's overall competitive

position in its core packaging and aerospace markets by helping to eliminate

excess capacity, reduce costs and trim unprofitable product lines. We expect

to reduce our number of operating locations by approximately 10 percent, and

our workforce by approximately 8 percent as a result of these actions. This

is consistent with our objective of managing the business over the long term

to maximize total return to shareholders."

Included in the charge are costs associated with plant rationalizations

such as employee severance payments and relocation costs. Also part of the

provision are write-downs of fixed assets and equipment to estimated net

realizable values as a result of the rationalization and obsolescence caused

by broad changes in packaging industry specifications for metal beverage

containers. In addition, the charge provides for costs associated with the

elimination of certain product lines, either through sale, joint venture or

closure. Costs associated with the previously announced closing of Ball's

Asheville, N.C., glass facility are part of the provision.

Including a $14 million pretax provision taken in its aerospace and

communications segment during the third quarter of 1993, Ball reported

approximately $109 million in restructuring charges for the year,

approximately $66 million after tax, or $2.31 per share.

Fourth quarter sales increased to approximately $558 million from

approximately $525 million in 1992 due to the inclusion of sales of Heekin

Can, Inc., which was acquired in March 1993. Excluding the effect of the

restructuring charge, Ball reported a loss of approximately $2 million for the

quarter, compared to earnings of $10 million in 1992. On this basis, Ball

reported a loss of 6 cents per share in the quarter, compared with earnings of

39 cents per share in 1992's fourth quarter.

For the year, Ball reported net sales of $2.4 billion, 12 percent higher

than the $2.2 billion reported in 1992. Ball reported a net loss in 1993 of

$68.3 million, or $2.38 per share, versus 1992 earnings of $63.7 million, or

$2.45 per share. This includes both the impact of restructuring provisions

and the effect of a one-time, non-cash after-tax charge of $34.7 million, or

$1.21 per share, taken in the first quarter of 1993 to comply with new

accounting standards related to post-retirement health care and other post-

employment benefits. The year also includes a $1.1 million, or 4 cents per

share, charge taken in the third quarter to reflect a higher tax rate due to

the Omnibus Budget Reconciliation Act of 1993.

Ball's domestic metal packaging operations reported lower fourth quarter

earnings, while the Canadian metal packaging business had improved

performance. The U.S. beverage container business had slower volume growth in

the period, primarily due to strong prior year performance. The business

operated at lower utilization rates in certain facilities as a result of the

installation of new equipment to manufacture smaller neck diameters for

containers to accommodate changing industry standards. Ball's 1993 domestic

beverage can shipments increased significantly more than industry volumes,

which rose by slightly less than 2 percent for the year. The food and

specialty products group essentially completed the integration of its Heekin

and Canadian operations in the quarter.

Ball's glass container business, which was hampered throughout the year

by unfavorable performance in some of its plants, start-up costs at its

Ruston, La., facility, and higher warehousing and shipping costs, reported an

operating loss for the quarter. This loss was primarily due to an extended

period of plant downtime which was taken in the period to reduce inventories.

The aerospace and communications segment reported a loss in the quarter,

largely attributable to poor performance in the communications products and

imaging products units.

"Overcapacity in both the metal and glass packaging industries continues

to limit manufacturers' ability to realize acceptable pricing," Davis said.

"We remain confident that this supply/demand imbalance will be resolved over

time. In the meantime, we intend to reduce costs, invest in productivity-

enhancing equipment and take other appropriate actions which will lead to

higher utilization rates and improved returns in our packaging businesses.



"Notwithstanding this, we are extremely disappointed with our performance

for the year," Davis said. "However, we believe the strategic initiatives

pursued by Ball Corporation in 1993 will ultimately benefit our shareholders,

and that the actions announced today should improve Ball's ability to deliver

a stronger earnings performance over the next several years in the face of

highly competitive markets. We are entering 1994 with a reduced level of

product inventories in metal beverage and glass containers and expect to

achieve higher utilization, a more competitive cost structure and reduced

inventory carrying costs.

"In 1994 we anticipate continued growth in our beverage container

business, improved performance in our Canadian metal operations, a

significantly stronger overall performance in glass and higher profitability

in our aerospace and communications segment businesses," Davis said. "A

workforce reduction of approximately 5 percent taken in 1993, coupled with a

company-wide commitment to increase profitability and contain costs, should

also contribute to improved earnings performance in 1994."

Ball Corporation manufactures metal and glass containers for the beverage

and food industries and provides aerospace systems and professional services

to government and commercial customers.

-end-

2/94 BDW Contact Harold Sohn 317/747-6483