Crown Holdings Announces Intention to Transfer $740 million in US Pension Plan Obligations
Counsel to Crown Holdings Inc. with respect to its intention to transfer $740 million in US pension plan obligations.
Lead by
Steven L. Wesfield
On August 30, 2024,Crown Holdings Inc. announced that it has entered into an agreement to purchase a group annuity contract from Massachusetts Mutual Life Insurance Company (MassMutual) to fully guarantee benefits covered under the contract for nearly all of the retirees and deferred vested participants in its primary US defined benefit plans. The transaction provides a policy which covers the benefits for approximately 12,000 participants.
Miller Thomson assisted with the annuitization of a portion of the Canadian pension plan, and certainly related year end corporate and real estate transactions.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets.
Miller Thomson advised Crown Holdings with a team comprised of Steven Wesfield, Hugh Wright (Pensions), Neil Gurmukh, Emmanuelle Laliberté (Tax), Sandra Wright (Corporate/M&A) and Lucy Sivak (Real estate).