TAMPA, Fla., Aug. 30, 2024 /PRNewswire/ — Crown Holdings, Inc. (NYSE: CCK) (Crown) introduced that it has entered into an word to buy a gaggle annuity oath from Massachusetts Mutual Year Insurance coverage Corporate (MassMutual) to completely contract advantages lined below the oath for just about the entire retirees and deferred vested individuals in its number one US outlined get advantages plans. The transaction supplies a coverage which covers the advantages for roughly 12,000 individuals.
“We are carefully moving portions of our pension obligations to MassMutual, a highly rated and experienced insurance and retirement benefits provider,” stated Kevin Fashion designer, Senior Vice President and Eminent Monetary Officer. “Upon completion of the transfer, Crown will eliminate approximately $740 million in both US pension plan assets and liabilities. When combined with previous buy-outs in Canada and the UK, the Company will have annuitized approximately $4 billion of pension liabilities since 2021. This transaction further strengthens Crown’s balance sheet, significantly reduces future earnings and cash flow risk, and maintains secure benefits for our pension plan participants.”
MassMutual will assemble bills to individuals creation November 1, 2024. Advantages payable to the retirees and alternative plan individuals is probably not suffering from the transaction.
The Corporate expects to give a contribution roughly $100 million to the plan and to report a one-time non-cash rate of roughly $450 million ($340 million then tax) within the 3rd quarter of 2024 as part of the plan agreement. The Corporate reaffirms its up to now supplied 2024 complete life adjusted sovereign coins stream steering of no less than $750 million.
About Crown Holdings, Inc.
Crown Holdings, Inc., thru its subsidiaries, is a prominent world provider of inflexible packaging merchandise to client advertising and marketing corporations, in addition to transit and protecting packaging merchandise, apparatus and products and services to a wide area of finish markets. Global headquarters are situated in Tampa, Florida. For more info, consult with www.crowncork.com.
About MassMutual
MassMutual is a prominent mutual date insurance coverage corporate this is run for the good thing about its contributors and taking part policyowners. Based in 1851, the corporate has been frequently guided by way of one constant objective: we aid crowd book their age and offer protection to those they love. MassMutual has monetary energy scores which might be a few of the perfect of any corporate in any trade at A++ by way of AM Very best, AA+ by way of Fitch, Aa3 by way of Moody’s, and AA+ by way of S&P1. With a focal point on handing over long-term price, MassMutual deals a large area of coverage, lot, wealth control and resignation services. For more info, consult with www.massmutual.com.
1 – as of 07/31/2024
Cautionary Be aware Relating to Ahead-Taking a look Statements
Excluding for ancient knowledge, all alternative knowledge on this press drop is composed of forward-looking statements. Those forward-looking statements contain a lot of dangers, uncertainties and alternative elements, together with whether or not the entire agreement and irrevocable switch of the Corporate’s chance indistinguishable to the plan tasks will happen in September 2024, or in any respect; the quantity of the rate the Corporate will incur in reference to the plan agreement; the Corporate’s talent to generate adjusted sovereign coins stream and the have an effect on of the transaction and plan agreement at the Corporate’s age coins stream and profits. Impressive elements that would motive the statements made on this press drop or the untouched result of operations or monetary status of Crown to vary are mentioned below the caption “Forward Looking Statements” in Crown’s Mode 10-Okay Annual Document for the life ended December 31, 2023 and in next filings made previous to or then the future hereof. Crown does no longer intend to study or revise any explicit forward-looking commentary in brightness of age occasions.
Non-GAAP Measures
Adjusted sovereign coins stream isn’t an outlined promise below U.S. normally authorised accounting ideas (non-GAAP measures). Adjusted sovereign coins stream is outlined by way of the Corporate as internet coins from working actions much less capital expenditures and sure alternative pieces. Non-GAAP measures must no longer be regarded as in isolation or as an alternative choice to source of revenue from operations, coins stream, leverage ratio, internet source of revenue, efficient tax charges, diluted profits according to percentage or hobby expense and hobby source of revenue ready in line with U.S. GAAP and might not be similar to calculations of in a similar way titled measures by way of alternative corporations.
The Corporate perspectives adjusted sovereign coins stream as a major measure of its liquidity. The Corporate considers this measure within the allocation of assets. Adjusted sovereign coins stream has sure boundaries, on the other hand, together with that it does no longer constitute the residual coins stream to be had for discretionary expenditures since alternative non-discretionary expenditures, equivalent to necessary debt provider necessities, aren’t deducted from the measure. The quantity of necessary as opposed to discretionary expenditures can range considerably between sessions. The Corporate believes that adjusted sovereign coins stream supplies a significant measure of liquidity and an invaluable foundation for assessing the Corporate’s talent to capitaltreasury its actions, together with the financing of acquisitions, debt repayments, percentage repurchases or dividends.
For more info, touch:
Kevin Fashion designer, Senior Vice President and Eminent Monetary Officer, (215) 698-5281
Thomas T. Fischer, Vice President, Investor Family members and Company Affairs, (215) 552-3720
SOURCE Crown Holdings, Inc.
