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Nov. 15--Honeywell International Inc. said it might have to contribute up to $900 million to its employee pension plans after assets dropped nearly 15 percent this year.
The manufacturer of aircraft parts and thermostats estimated that without the new contribution its employee pension plans could end the year with a $1.7 billion deficit, which would cut shareholder equity by that amount, Honeywell said in a filing with the Securities and Exchange Commission late Wednesday.
Additional contributions of stock and cash, however, could decrease the difference between accumulated pension fund obligations and plan assets, the Morristown-based conglomerate said.
Honeywell said the poor performance of the stock market has cut pension fund assets to $9.4 billion, down from $11 billion in 2001.
Honeywell's stock price fell $2.09 Thursday, closing at $23.16.
The company …