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SUBSEQUENT EVENTS
9 Months Ended
Sep. 27, 2014
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS

 

On October 29, 2014, Board of Directors authorized a dividend of 14¢ per share, for shareholders of record as of November 12, 2014, payable on November 26, 2014.

 

On October 20, 2014 the Company entered into an agreement to settle and terminate its frozen hourly and salaried defined benefit plans. This settlement and termination are expected to result in a cash payment of approximately $8 million and an income statement expense of approximately $40 million in the fourth quarter of 2014.

 

The Company has evaluated events and transactions occurring subsequent to September 27, 2014 and determined that there were no other unreported events or transactions that would have a material impact on the Company's results of operations or financial position.