Arconic to freeze pension plans for 7,900 U.S. employees

Reuters News
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Posted: Jan 08, 2018 9:08 AM

(Reuters) - U.S. specialty metals makers Arconic Inc said on Monday it would freeze defined benefit pension plans for all 7,900 of its U.S.-based salaried and non-bargained hourly employees, effective April 1.

Arconic said it expects its pre-tax pension-related expense in 2018 to be about $50 million lower than a year earlier.

The company expects its liabilities to fall by about $140 million in the first quarter of 2018 due to the reduction of future benefits.

Arconic said it would also record a pre-tax charge of about $5 million in the first quarter.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Savio D'Souza)