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Article: Sara Lee Corporation Announces Agreement with U.K. Pension Plan Trustees and Pension Regulator.
- Article from:
- Business Wire
- Article date:
- April 4, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Sara Lee Corporation (NYSE:SLE) announced today that it has signed a Funding and Guarantee Agreement with the Sara Lee U.K. Pension Plan Trustees with respect to the Pretty Polly and Courtaulds sections of the plan.
As a part of the arrangement, Sara Lee Corporation or its subsidiaries will increase annual deficit correction payments to GBP 32 million to the Pretty Polly and Courtaulds sections of the U.K. plan through 2015 to fund such sections of the plan up to the U.K. required Pension Protection Fund (PPF) funding levels. These payments will not significantly impact Sara Lee's future cash flow or have a material impact on earnings. If required, ...