Hanson Industries, Iselin, N.J., will split up its $2.2 billion defined benefit fund and $1 billion 401(k) fund when the company breaks up into four separate companies, said Helen Myers, manager-capital accumulation and group insurance plans.
Evaluation Associates is assisting Hanson on how to divide the assets among the three new companies and the remaining Hanson. She declined to give any preliminary details. Hanson has more than 20 managers for its defined benefit plan, according to reports.
Millennium Chemicals Inc. and Imperial Tobacco Group are expected to be split off from Hanson by Oct. 1. Hanson's energy businesses, including the Peabody coal group, are expected to be spun off in early 1997. Hanson itself will retain retail building materials and equipment businesses.
