The international meeting "Physics at KAON", Bad Honnef, June 7-9, 1989 brought together numerous experts from both sides of the Atlantic to discuss the present state and future directions of medium-energy physics at high-intensity hadron accelerators. Topics focus on hadron spectroscopy, K-meson scattering, strangeness in nuclei, and rare decays, from experimental and theoretical points of view. Researchers in nuclear and particle physics will find this a thorough overview of the lines of research to be followed by SATURNE, COSY, and KAON.