{"id":403062,"date":"2020-12-18T16:08:17","date_gmt":"2020-12-18T21:08:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=403062"},"modified":"2020-12-18T16:08:17","modified_gmt":"2020-12-18T21:08:17","slug":"stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook\/","title":{"rendered":"Stop &amp; Shop Reaches Agreement with Local Union 1500 on Pension Fund Investment and Withdrawal; No Impact to Previously Issued 2020 Outlook"},"content":{"rendered":"<div class=\"mw_release\">\n<p>\n        <i>Zaandam, the Netherlands,\u00a0<\/i><br \/>\n        <i>December<\/i><br \/>\n        <i>\u00a0<\/i><br \/>\n        <i>1<\/i><br \/>\n        <i>8<\/i><br \/>\n        <i>, 2020<\/i>\u00a0\u2013 Ahold Delhaize announces today that its U.S. brand Stop &amp; Shop,\u00a0reached an\u00a0agreement\u00a0to\u00a0terminate its participation in the\u00a0United Food &amp; Commercial Workers\u00a0(UFCW)\u00a0\u2013\u00a0Local 1500 Pension\u00a0Fund\u00a0(the\u00a0\u201c1500\u00a0Plan\u201d),\u202fthrough a transaction\u00a0that the\u00a01500\u00a0Plan\u2019s\u00a0trustees\u00a0determined to be in the best interests of the\u00a01500\u00a0Plan\u2019s\u00a0participants\u00a0and beneficiaries.\u00a0The\u00a0agreement improves\u00a0the\u00a0security of\u00a0pension\u00a0benefits for\u00a0associates\u00a0as well as\u00a0reduces financial risk for\u00a0the company.\u00a0This\u00a0transaction will not impact\u00a0the\u00a0previously issued\u00a0outlook for 2020.\u00a0This statement should not be\u00a0interpreted\u00a0as an update to\u00a0any component of\u00a0the\u00a0previously issued\u00a02020 outlook, announced in the Q3 2020 earnings release.\u202f\u00a0\u00a0<\/p>\n<p>Stop &amp; Shop\u00a0will\u00a0pay the\u00a01500\u00a0Plan\u00a0withdrawal liability of $225\u00a0million\u00a0(~\u20ac184\u00a0million), on a pre-tax basis,\u00a0to\u00a0fulfill Stop &amp; Shop\u2019s obligations for past service for associates and retirees in the\u00a01500\u00a0Plan. In addition, Stop &amp; Shop expects to pay\u00a0$4.1 million\u00a0(~\u20ac3.4 million)\u00a0to the defined contribution plan to provide transition benefits to certain plan participants who are near retirement.\u00a0Stop &amp; Shop\u00a0will provide\u00a0associates who are members of the UFCW Local 1500\u00a0future service retirement benefits\u00a0through\u00a0an\u00a0existing defined contribution\u00a0plan.\u00a0Ongoing contributions to this\u00a0defined\u00a0contribution\u00a0plan\u00a0will have\u00a0no\u00a0significant\u00a0impact\u00a0to\u00a0group\u00a0financial results,\u00a0as\u00a0they\u00a0will\u00a0replace contributions that have been\u00a0in place\u00a0for\u00a0the\u00a0previous plan.\u00a0\u00a0\u00a0\u202f\u00a0<\/p>\n<p>On an after-tax basis, the withdrawal liability and contribution to the transition reserve\u00a0total approximately\u00a0$173\u00a0million (~\u20ac141\u00a0million).\u00a0The\u00a0withdrawal liability will\u00a0be satisfied by installment payments to the\u00a01500\u00a0Plan\u00a0over the next three years.\u202f Ahold Delhaize will therefore recognize a\u00a0liability\u00a0in\u00a0these amounts, which will impact Q4\u00a0IFRS results.\u202fThe\u00a0liability\u00a0will be\u00a0excluded from underlying\u00a0results and\u00a0will therefore not impact the previously issued underlying operating results outlook for 2020.\u00a0In 2020,\u00a0$112.5\u00a0million\u00a0(~\u20ac92\u00a0million)\u00a0is expected to be paid, which is\u00a050%\u00a0of the\u00a0settlement\u00a0obligation.\u00a0\u00a0The Group\u2019s full year 2020 free cash flow outlook,\u00a0which\u00a0is\u00a0expected to be\u00a0at least\u00a0\u20ac1.7\u00a0billion,\u00a0will not\u00a0be impacted\u00a0due to\u00a0the strong level of free cash flow\u00a0already\u00a0generated\u00a0in the year-to-date through Q3.\u00a0\u00a0\u00a0<\/p>\n<p>\n        <b>Cautionary notice<\/b>\u00a0<\/p>\n<p>This communication includes forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Words and expressions such as impact, outlook, to be, interests, improves, reduces, risk, update, expects, plan, near, will, future, ongoing, the next three years, expected to, through or other similar words or expressions are typically used to identify forward-looking statements.\u00a0<\/p>\n<p>Forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and that may cause actual results of\u00a0Koninklijke\u00a0Ahold Delhaize N.V. (the \u201cCompany\u201d) to differ materially from future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the risk factors set forth in the Company\u2019s public filings and other disclosures. Forward-looking statements reflect the current views of the Company\u2019s management and assumptions based on information currently available to the Company\u2019s management. Forward-looking statements speak only as of the date they are\u00a0made\u00a0and the Company does not assume any obligation to update such statements, except as required by law.\u00a0<\/p>\n<p>\n        \n      <\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDQ0NjgzMyM0MDA4NDA3ODMjMjAwMzU1OA==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml-eu.globenewswire.com\/release\/track\/19846729-612d-4d85-943f-0a93bedf5512\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Zaandam, the Netherlands,\u00a0 December \u00a0 1 8 , 2020\u00a0\u2013 Ahold Delhaize announces today that its U.S. brand Stop &amp; Shop,\u00a0reached an\u00a0agreement\u00a0to\u00a0terminate its participation in the\u00a0United Food &amp; Commercial Workers\u00a0(UFCW)\u00a0\u2013\u00a0Local 1500 Pension\u00a0Fund\u00a0(the\u00a0\u201c1500\u00a0Plan\u201d),\u202fthrough a transaction\u00a0that the\u00a01500\u00a0Plan\u2019s\u00a0trustees\u00a0determined to be in the best interests of the\u00a01500\u00a0Plan\u2019s\u00a0participants\u00a0and beneficiaries.\u00a0The\u00a0agreement improves\u00a0the\u00a0security of\u00a0pension\u00a0benefits for\u00a0associates\u00a0as well as\u00a0reduces financial risk for\u00a0the company.\u00a0This\u00a0transaction will not impact\u00a0the\u00a0previously issued\u00a0outlook for 2020.\u00a0This statement should not be\u00a0interpreted\u00a0as an update to\u00a0any component of\u00a0the\u00a0previously issued\u00a02020 outlook, announced in the Q3 2020 earnings release.\u202f\u00a0\u00a0 Stop &amp; Shop\u00a0will\u00a0pay the\u00a01500\u00a0Plan\u00a0withdrawal liability of $225\u00a0million\u00a0(~\u20ac184\u00a0million), on a pre-tax basis,\u00a0to\u00a0fulfill Stop &amp; Shop\u2019s obligations for past service for associates and retirees in the\u00a01500\u00a0Plan. In addition, Stop &amp; Shop expects to pay\u00a0$4.1 million\u00a0(~\u20ac3.4 million)\u00a0to the defined contribution plan to provide transition benefits to certain &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Stop &amp; Shop Reaches Agreement with Local Union 1500 on Pension Fund Investment and Withdrawal; No Impact to Previously Issued 2020 Outlook&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-403062","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Stop &amp; Shop Reaches Agreement with Local Union 1500 on Pension Fund Investment and Withdrawal; No Impact to Previously Issued 2020 Outlook - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stop &amp; Shop Reaches Agreement with Local Union 1500 on Pension Fund Investment and Withdrawal; No Impact to Previously Issued 2020 Outlook - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Zaandam, the Netherlands,\u00a0 December \u00a0 1 8 , 2020\u00a0\u2013 Ahold Delhaize announces today that its U.S. brand Stop &amp; Shop,\u00a0reached an\u00a0agreement\u00a0to\u00a0terminate its participation in the\u00a0United Food &amp; Commercial Workers\u00a0(UFCW)\u00a0\u2013\u00a0Local 1500 Pension\u00a0Fund\u00a0(the\u00a0\u201c1500\u00a0Plan\u201d),\u202fthrough a transaction\u00a0that the\u00a01500\u00a0Plan\u2019s\u00a0trustees\u00a0determined to be in the best interests of the\u00a01500\u00a0Plan\u2019s\u00a0participants\u00a0and beneficiaries.\u00a0The\u00a0agreement improves\u00a0the\u00a0security of\u00a0pension\u00a0benefits for\u00a0associates\u00a0as well as\u00a0reduces financial risk for\u00a0the company.\u00a0This\u00a0transaction will not impact\u00a0the\u00a0previously issued\u00a0outlook for 2020.\u00a0This statement should not be\u00a0interpreted\u00a0as an update to\u00a0any component of\u00a0the\u00a0previously issued\u00a02020 outlook, announced in the Q3 2020 earnings release.\u202f\u00a0\u00a0 Stop &amp; Shop\u00a0will\u00a0pay the\u00a01500\u00a0Plan\u00a0withdrawal liability of $225\u00a0million\u00a0(~\u20ac184\u00a0million), on a pre-tax basis,\u00a0to\u00a0fulfill Stop &amp; Shop\u2019s obligations for past service for associates and retirees in the\u00a01500\u00a0Plan. In addition, Stop &amp; Shop expects to pay\u00a0$4.1 million\u00a0(~\u20ac3.4 million)\u00a0to the defined contribution plan to provide transition benefits to certain &hellip; Continue reading &quot;Stop &amp; Shop Reaches Agreement with Local Union 1500 on Pension Fund Investment and Withdrawal; No Impact to Previously Issued 2020 Outlook&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-18T21:08:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDQ0NjgzMyM0MDA4NDA3ODMjMjAwMzU1OA==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Stop &amp; 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Shop\u00a0will\u00a0pay the\u00a01500\u00a0Plan\u00a0withdrawal liability of $225\u00a0million\u00a0(~\u20ac184\u00a0million), on a pre-tax basis,\u00a0to\u00a0fulfill Stop &amp; Shop\u2019s obligations for past service for associates and retirees in the\u00a01500\u00a0Plan. In addition, Stop &amp; Shop expects to pay\u00a0$4.1 million\u00a0(~\u20ac3.4 million)\u00a0to the defined contribution plan to provide transition benefits to certain &hellip; Continue reading \"Stop &amp; Shop Reaches Agreement with Local Union 1500 on Pension Fund Investment and Withdrawal; No Impact to Previously Issued 2020 Outlook\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-18T21:08:17+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDQ0NjgzMyM0MDA4NDA3ODMjMjAwMzU1OA==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/stop-shop-reaches-agreement-with-local-union-1500-on-pension-fund-investment-and-withdrawal-no-impact-to-previously-issued-2020-outlook\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Stop &amp; 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