Ahold Delhaize Closes Deal to End Stop and Shop Brand's Participation in UFCW
21 Décembre 2020 - 8:01AM
Dow Jones News
By Sabela Ojea
Koninklijke Ahold Delhaize NV late Friday said that it has
closed a deal to terminate its U.S. brand Stop and Shop's
participation in the United Food and Commercial Workers Local 1500
Pension Fund, which won't affect its issued outlook for the
year.
The Amsterdam-listed food retailer said Stop & Shop will pay
the 1500 plan a withdrawal liability of $225 million on a pretax
basis, which will be satisfied by installment payments over the
next three years.
"The agreement improves the security of pension benefits for
associates as well as reduces financial risk for the company," it
added.
The brand also expects to pay $4.1 million to defined
contribution plan to provide transition benefits to some plan
participants who are near retirement, the company said.
In 2020, $112.5 million is expected to be paid, the company
said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
December 21, 2020 01:46 ET (06:46 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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