- Packaging company Sonoco Products Co (NYSE:SON) has announced the purchase of group annuity contracts from Athene Holding Ltd (NYSE:ATH), an insurance company.
- The purchase of the group annuity contracts transfers the responsibility for pension benefit payments to Athene for approximately 8,300 Sonoco beneficiaries.
- Sonoco expects to recognize non-cash, pre-tax pension settlement charges totaling approximately $550 million in the second quarter of 2021.
- “This transaction is the final step in our previously announced actions to reduce pension liabilities and the volatility associated with the pension assets,” said John Florence, Vice President of Human Resources, Sonoco.
- Price action: SON shares are trading higher by 0.52% at $66.38 on the last check Friday.
Related Posts
Visteon Expands Partnership With BlackBerry For QNX Software
Visteon Corp (NASDAQ:VC) extends its partnership with BlackBerry Limited (NYSE:BB) to accelerate the deployment of digital cockpit solutions for automakers and…
EXCLUSIVE: Popular Contrarian Investor CryptoWhale On Why He Turned Bearish On Bitcoin, How Dogecoin Community Is ‘Fun,’ Rise Of Altcoins And 2022 Prediction
Pseudonymous Twitter user “Mr. Whale,” also known as “CryptoWhale,” has amassed both massive fanfare and controversy on the social media platform.