Ball Corp., Westminster, Colo., purchased group annuity contracts from one or more insurance companies to transfer about $325 million in U.S. pension plan liabilities.
The transaction was completed in the three months ended Sept. 30, the company announced in a 10-Q filing with the SEC on Nov. 5.
The filing did not disclose the name of the insurance company and number of retirees and beneficiaries whose benefits are being transferred to the insurer.
Ball Corp. also announced a revised estimate of $215 million in total U.S. pension plan contributions for 2021 in the filing. The company in February estimated a total of $185 million in contributions for the year in its latest 10-K filing.