Tenneco reports fourth-quarter loss

LAKE FOREST, Ill. (Feb. 6)—Tenneco Automotive posted a fourth-quarter loss of $63 million—including restructuring and other charges of $42 million after tax—on net sales of $849 million. That compares to the $143 million loss the rubber-to-metal parts maker took in the same period of 1999, on net revenue of $806 million. For the year ended Dec. 31, Tenneco took a net loss of $42 million on net sales of $3.5 billion. That compares to a net loss of $423 million during 1999, again largely related to restructuring, on sales of nearly $3.3 billion. Tough automotive industry conditions coupled with Tenneco´s highly leveraged position severely impacted its performance, Mark P. Frissora, chairman and CEO, said in a prepared statement. "We have responded aggressively by implementing global cost reduction initiatives, sharply reducing spending and improving productivity in the face of this industry downturn. We focus intensely on these efforts as we confront an equally challenging year in 2001."