GM adds $2 billion in shares to pension plan
Detroit, MI, United States (AHN) – General Motors issued a statement Friday confirming it has completed a contribution of 60.6 million shares of GM common stock to its U.S. hourly and salaried pension plans. The deal is valued at nearly $2 billion.
The contribution completes the estimated $6 billion contribution that was announced in October, consisting of $4 billion in cash and $2 billion in stock.
“We continue to take the steps necessary to lower our risk profile, so our focus can be on designing, building and selling the world’s best vehicles,” said Chris Liddell, GM vice chairman and chief financial officer.
GM U.S. pension plans currently provide benefits to approximately 688,000 participants.
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