Michelin's payments to UK pension fund were not to "Plug a black hole"

Paris--In an unusual step, Michelin has issued a forceful denial that payments it made to a UK employee pension scheme were to 'to plug a black hole' of 286 million GBP

The company said in a statement that, "The pension obligations of Michelin in respect of its British employees stood, at 31 December 2004, at 1 955 million euros (1 383 million GBP).

"These obligations have legally to be covered, to a certain extent, by assets lodged in pension funds. At 31 December 2004, these assets stood at 1 441 million euros (1 019 million GPB) and represented 107% of the funding ratio required by current legislation in the UK (the "Minimum funding Requirement"). They were therefore adaquately funded."

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Press release from Michelin