OfficeMax Inc., Naperville, Ill., made a voluntary contribution of 8.3 million shares of common stock to its defined benefit pension plans, according to a news release.
The company said in an Oct. 30 SEC filing that the contribution would be worth roughly $100 million. The stock contribution is expected to eliminate the company's need for a pension contribution in 2010, according to the SEC filing. In late-afternoon trading today, common stock shares were valued at $11.76, putting the value of the entire contribution around $98 million.
The pension plans were frozen in 2003.
OfficeMax also made a cash contribution of $5.3 million to the plans on Sept. 26 and plans to make an additional contribution of $1.5 million by the end of the year, bringing its total 2009 cash contribution to $6.8 million. It contributed the same cash amount in 2008.
The pension plans were valued at $841.2 million as of Dec. 31, 2008, and were underfunded by $435 million at that date, according to a separate SEC filing. The company's 401(k) plan was valued at $505 million, as of the same date.
OfficeMax spokesman Bill Bonner did not return calls requesting more information.