Zaandam, the Netherlands, November 30, 2020 - Ahold Delhaize announces today that the UFCW Locals of its U.S. brand Stop & Shop have ratified the agreement to terminate participation in the United Food & Commercial Workers International Union - Industry Pension Fund (the "National Plan").?As previously announced, the agreement does not impact the 2020 financial outlook.
Details of the financial impact were outlined in the original release on July 21st, 2020, and can be found here. This withdrawal improves the security of pension benefits for associates as well as reduces financial risk for the company and was determined, by the National Plan's trustees, to be in the best interests of the National Plan's participants and beneficiaries.
Also as previously announced, Stop & Shop, together with Kroger and the UFCW Locals, are creating the UFCW International Union-Industry Variable Annuity Pension Plan for future benefits.?This new plan is designed to protect the benefit accrual of participants, with a significantly reduced risk of plan underfunding and improved visibility on annual contributions.
Cautionary notice
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Forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and that may cause actual results of Koninklijke Ahold Delhaize N.V. (the "Company") to differ materially from future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to the risk factors set forth in the Company's public filings and other disclosures. Forward-looking statements reflect the current views of the Company's management and assumptions based on information currently available to the Company's management. Forward-looking statements speak only as of the date they are made and the Company does not assume any obligation to update such statements, except as required by law.
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Ahold Delhaize is one of the world's largest food retail groups and a leader in both supermarkets and e-Commerce. Its family of great, local brands serves 54 million customers each week in Europe, the United States, and Indonesia. Together, these brands employ 380,000 associates in 6,967 grocery and specialty stores and include the top online retailer in the Benelux and the leading online grocers in the Benelux and the United States. Ahold Delhaize brands are at the forefront of sustainable retailing, sourcing responsibly, supporting local communities and helping customers make healthier choices. Headquartered in Zaandam, the Netherlands, Ahold Delhaize is listed on the Euronext Amsterdam and Brussels stock exchanges (ticker: AD) and its American Depositary Receipts are traded on the over-the-counter market in the U.S. and quoted on the OTCQX International marketplace (ticker: ADRNY). For more information, please visit www.aholddelhaize.com.
