Dairy Crest, the UK dairy group, has insured the balance of its pension liabilities for GBP160m (US$262.8m) and has started talks with staff over its final salary scheme.
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The company said today (19 June) that it had bought an annuity policy from Legal & General to protect itself from turbulent financial markets and rising life expectancy.
Last month, Dairy Crest said it would slash future dividends by a quarter to help cut the company’s pension deficit.
The Country Life butter maker has been busy reducing costs in recent months, with moves to restructure its head office operations and close a slew of dairies and depots.
Earlier this month, Dairy Crest said it was in talks with Medina Dairy over the sale of five “main depots” and 11 “satellite depots”.
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By GlobalDataShares in the UK dairy group rose 0.79% following the announcement, climbing to 319 pence at 10.40am (BST).
