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People & Business :: Earnings/Finance
AkzoNobel to purchase annuities for US retiree pension obligations
10:45 AM MST | December 18, 2013 | Lindsay Frost
AkzoNobel announced today that it has agreed to transfer pension obligations for current US retirees to MetLife Insurance. The company says the annuity purchase is expected to reduce AkzoNobel’s US pension obligations by 65%, or $655 million of the total US pension plan. AkzoNobel says it has made a $170-million contribution to the plan to maintain its funded status. "Part of our strategy is to derisk pension liabilities over time," says AkzoNobel CFO Keith Nichols. "This transaction will improve the company's financial health by...
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