Congoleum Sees $7.3M Charge Related To Pension Plans
If the pension plans' year-end asset values are the same as they were on Sept. 30, the company anticipates it will record the charge, according to the filing released Friday by the SEC.
The company said the pension plans' recent rates of return on investments have been below both actual longer-term and future assumed rates of returns. As a result, the company anticipates pension expense and funding requirements will increase in 2003 as well.
Congoleum manufactures sheet and tile flooring for residential and commercial use.