In an agreement with the Pension Benefit Guaranty Corp., Michelin North America, Greenville, S.C., said it would make a one-time cash contribution of $380 million to eight pension plans of its subsidiary, Uniroyal Goodrich Tire Co.
Uniroyal Goodrich's plans were only about 50% funded in 1993, with assets of $540 million and liabilities of about $1 billion. By the end of this year, Michelin will merge the eight plans with its pension plan. The new plan will cover about 41,000 workers and will be fully funded, a PBGC statement said.
Utendahl Capital Management has launched Advent Capital Management, a money management firm specializing in convertible securities. The firm has $30 million in assets from three institutional clients.
Tracy V. Maitland, formerly the lead convertibles salesman in the equity capital markets division of Merrill Lynch, is president of Advent Capital. The investment team includes Nancy E. Enslein, a former research analyst at Oppenheimer Capital, and Robert L. Farmer, a former trading analyst with Miller Capital/Paladin, as vice presidents.
Utendahl is a fixed-income manager with $220 million under management