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 user 2003-09-16 at 1:59:00 pm Views: 162
  • #4124
    Xerox Makes Pension Contribution
     Office equipment maker Xerox Corp. Monday Said that it accelerated funding to its U.S. pension plan, with a $450 million contribution that will leave its plan more than fully funded for the whole year.

    The contribution made to the company pension fund on Monday represents an increase of about $325 million from what was initially scheduled for 2003.

    “Xerox’s strong operating cash flow — $841 million for the first half of the year — and the success of its recent $3.6 billion recapitalization, which included the sale of stock and notes, provided the company with the financial flexibility to accelerate its pension funding,” the Stamford, Conn.-based company said. “At the end of the second quarter, Xerox’s cash position was $2.3 billion,” Xerox said.

    In July Xerox reported a slight decline in second quarter sales and earnings, but said that its equipment sales rose eight percent.

    The Xerox spokeswoman said Monday’s action was unrelated to a lawsuit charging that Xerox had underpaid employees by using improper calculations in its pension for salaried workers.

    A district lower court ruled earlier this year that the company had in fact underpaid them, and in August an appeals court upheld that ruling against Xerox.