TRW strikes $440 million deal to shift U.S. pensions

NEW YORK (Bloomberg) -- TRW Automotive Holdings Corp. struck a deal to transfer U.S. pension obligations to MetLife Inc. as the maker of auto parts works to limit liabilities.

MetLife will get $440 million in assets and take on pensions for about 7,000 TRW retirees and beneficiaries, the life insurer said.

TRW, which agreed in September to be bought by ZF Friedrichshafen AG for more than $11 billion, has been working to reduce its pension liabilities both in and outside the U.S.

The Livonia, Mich., company agreed to a 2.5-billion-pound ($3.9 billion) pension deal with U.K. insurer Legal & General Group last month.

"Our expertise in managing transferred pension liabilities allows our clients to do what they do best -- focus on their core business," Wayne Daniel, a senior vice president for U.S. pensions at MetLife, said in the statement.

The New York company is the largest life insurer in the U.S. ranked by assets.

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