LAKE FOREST, ILL. (July 27)—Tenneco Automotive´s net income fell to $15 million on increased sales of $948 million for the second quarter ended June 30. The company reported revenue of $37 million on sales of $868 million during the same period of 1999. Tenneco paid $13 million in pretax stand-alone costs during the quarter and additional costs associated with its new capital structure following its Nov. 4 spin-off of Pactiv Corp. Softening in the North American aftermarket, extended costs associated with the delayed closing of an exhaust plant, increased research and development costs and lower than expected margins on some of its new original equipment exhaust platform launches also contributed to the decline in revenue, Tenneco said.
Tenneco Automotive´s sales up, earnings down
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].