Rohm and Haas Co., Philadelphia, increased its funding estimate for its international pension plans to between $30 million and $45 million from $25 million, according to the company's second-quarter report filed Wednesday with the SEC. The revised estimate is a result of funding shortfalls in the company's largest offshore plan in the United Kingdom; the report did not specify the amount. Richard Williams, a Rohm and Haas spokesman, did not return a call by press time.
Company officials have not yet determined the exact amount of the contribution, which it will make in the fourth quarter, according to the quarterly report.
Rohm and Haas had about $1.5 billion in total pension assets as of Dec. 31, and the plans were underfunded by $144 million at the same date, according to the company's annual report.
Separately, Vulcan Materials Co., Birmingham, Ala., increased its expected 2005 pension contribution to $28.1 million from $1 million, according to the company's quarterly report filed Thursday with the SEC. The filing did not provide a reason for the increase but noted the new amount represents "the estimated maximum deductible contribution." The company plans to make the contribution in the third quarter. Mark Warren, director of investor relations at Vulcan Materials, said the company's practice in recent years has been to contribute the maximum amount, noting "it's a good use of cash."
Vulcan Materials had total pension assets of about $519.6 million as of Dec. 31 and its plans were underfunded by roughly $4.8 million at the same date, according to the company's annual report.