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Boeing approves stock contribution to plans
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CHICAGO - Airplane maker Boeing Co. said Monday it will contribute $1.5 billion in stock to its defined benefit pension plans instead of cash as a way to preserve "financial flexibility."
The contribution is expected to be completed in the fourth quarter. The final value of the stock contribution and number of shares involved will be determined when the contributions are made.
Boeing said by using stock instead of cash, it can "bolster its pension plans while preserving its financial flexibility."
Separately the company approved a regular quarterly cash dividend of 42 cents, payable on Dec. 4 to shareholders of record as of Nov. 6.
In afternoon trading, Boeing shares fell $1.52, or 3 percent, to $48.37.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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