Keller Enters into a Settlement Agreement with the Pension Benefit Guaranty Corporation in Connection with Termination of Pensio
22 December 2007 - 8:02AM
Business Wire
The Keller Manufacturing Company, Inc., an Indiana corporation
(�Keller�) (Pink Sheets: KMFI), announced today that it has entered
into a settlement agreement with the Pension Benefit Guaranty
Corporation (�PBGC�) in connection with the termination of The
Keller Manufacturing Company,�Inc. Employees� Pension Plan
(the��Plan�). Keller had previously filed notice and was in
negotiations with the PBGC seeking what is known as a �distress
termination� of the Plan. The Plan was terminated on July 26, 2006.
The PBGC became trustee of the Plan on June 29, 2007 and announced
that it had assumed responsibility for the Plan�s unfunded
liabilities on July 13, 2007. On December 21, 2007, Keller entered
into a settlement agreement with the PBGC settling all liabilities
of Keller and its subsidiaries with respect to the Plan. Under the
settlement agreement Keller will pay the PBGC $400,000. The
settlement agreement and the termination of the Plan will have no
impact on most Plan participants who will continue to receive the
benefits they are entitled to receive under the Plan subject to
limitations on the maximum amount of benefits under federal pension
law. �Keller is extremely pleased with this settlement agreement.
It will now allow the company and its subsidiary, Paragon Door
Designs, Inc., a Kentucky corporation (�Paragon�), to begin
focusing on future growth,� said Ron Humin, Chairman and President
of Keller. Keller acquired 85.3% of the equity interest of Paragon
on January 9, 2006. The news release contains certain statements
that are �forward-looking statements� within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended. Those statements may include
statements regarding the intent, belief or current expectations of
the Company or its officers with respect to (i) the termination of
the Company�s employee pension plan, (ii) the Company�s strategic
plans, (iii) the policies of the Company regarding capital
expenditures, dividends, financing and other matters, and (iv)
industry trends affecting the Company�s financial condition or
results of operations. Readers of this news release are cautioned
that reliance on any forward-looking statement involves risks and
uncertainties. Although the Company believes that the assumptions
on which the forward-looking statements contained herein are based
are reasonable, any of those assumptions could prove to be
inaccurate given the inherent uncertainties as to the occurrence or
nonoccurrence of future events. There can be no assurance that the
forward looking statements contained in this news release will
prove to be accurate. The inclusion of a forward-looking statement
herein should not be regarded as a representation by the Company
that the Company�s objectives will be achieved.
Keller Manufacturing (PK) (USOTC:KMFI)
Historical Stock Chart
From Nov 2024 to Dec 2024
Keller Manufacturing (PK) (USOTC:KMFI)
Historical Stock Chart
From Dec 2023 to Dec 2024
Real-Time news about Keller Manufacturing Company Inc (PK) (OTCMarkets): 0 recent articles
More Keller Manufacturing Company, Inc. News Articles