Global paper and packaging firm International Paper Co., has put $300 million into its U.S. pension fund, Pensions & Investments reports. According to the Tennessee, U.S.-headquartered company’s 10-K report, its U.S. defined benefit pension plan had been underfunded by an amount of $1.5 billion.
As on December 31, 2010, the plan’s funding ratio was 85 percent. As on that date, the fair value of the plan’s assets was estimated to be $8.3 billion as against projected benefit obligations of $9.8 billion. The company’s manufacturing operations are spread across North America, Europe, Latin America, Asia and North Africa and it has a workforce of about 59,500 people.
Click here for the story from Pensions & Investments.