Electrolux, PBGC reach pension plan deal

The PBGC reached a settlement with Electrolux Home Products Inc. regarding the Electrolux Pension Plan for Bargaining Employees at a now-shuttered plant in Greenville, Mich. Under the agreement, Electrolux will waive an existing $42.5 million credit balance in its pension fund and will contribute a total of $35 million over the next five years to the pension plan, according to a news release from the PBGC. The size of the Electrolux plan could not be learned, but the plan was 81% funded with unfunded liabilities totaling $77.5 million in March 2006 when the plant closed, according to the release.