WS Atkins sets out plan to tackle pension deficit
ENGINEERING group WS Atkins has thrashed out a deal with its pension trustees to fill its £293m pension black hole over ten years.
The firm will pay up to £32m a year in cash until 2020 to pay down the deficit, and is also in talks with 1,400 employees to cut the link between their pension pots and future pay rises, saving an estimated £28m.
Atkins also unveiled its €17.25m (£15.4m) purchase of Pöyry’s oil and gas business yesterday, as part of its expansion of energy operations.
The 130-person business is focused on engineering for offshore oil and gas developments, and generated €20m in sales in 2010.
Shares in FTSE 250-listed WS Atkins closed up 0.8 per cent at 818p yesterday.