October 2, 2017 / 11:20 AM / a year ago

International Paper unloads $1.3 bln in pension liabilities to Prudential

Oct 2 (Reuters) - International Paper Co, a fiber-based packaging, pulp and paper producer, said on Monday it would transfer $1.3 billion in pension obligations to insurer Prudential Financial.

Prudential will assume responsibility for pension benefits of around 45,000 former International Paper employees at the end of 2017, International Paper said. reut.rs/2xKJflj

The company said the deal will be funded with pension plan assets and that it expects to take a pre-tax non-cash pension settlement charge of about $400 million in the fourth quarter. (Reporting By Aparajita Saxena in Bengaluru; Editing by Savio D'Souza)

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