TRW Automotive Holdings Corp. struck a deal to transfer U.S. pension obligations to MetLife Inc. as the maker of auto parts works to limit liabilities.
MetLife will get $440 million in assets and take on pensions for about 7,000 TRW retirees and beneficiaries, the New York-based life insurer said today in a statement.
TRW, which agreed in September to be bought by ZF Friedrichshafen AG for more than $11 billion, has been working to reduce its pension liabilities both in and outside the U.S. The Livonia, Michigan-based company agreed to a 2.5-billion- pound ($3.9 billion) pension deal with U.K. insurer Legal & General Group Plc last month.
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"Our expertise in managing transferred pension liabilities allows our clients to do what they do best — focus on their core business," Wayne Daniel, a senior vice president for U.S. pensions at MetLife, said in the statement.
MetLife slipped 0.6 percent to $51.37 at 2:08 p.m. in New York, extending its decline for the year to about 4.7 percent. The company is the largest life insurer in the U.S. by assets.
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