The defined benefit pension plan of Sencorp, Cincinnati, has been taken over by the Pension Benefit Guaranty Corporation (PBGC), P&I reports. PBGC will assume $47 million in unfunded pension liability for 2,590 employees and retirees of the supplier of fasteners and nail guns.

Sencorp is being sold via bankruptcy reorganization to Wynnchurch Capital, a Chicago-based private equity fund. About 62% of Sencorp’s $126 million in benefit liabilities is funded and PBGC is expected to take charge of the remaining unfunded portion.

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