Tenneco taking $32 million charge in fourth quarter for restructuring

LAKE FOREST, Ill. (Dec. 20)—Tenneco Automotive has approval from its board of directors to record charges totaling $32 million during the fourth quarter to cover initial restructuring actions it plans to implement. The rubber-to-metal parts maker said it also expects to incur additional charges of $10 million to $15 million in 2002, related to the first wave of restructuring. The actions, which could include operation consolidations, capacity transfer between plants, operational flow reorganization and increased standardization among processes and products, should save the company $29 million annually beginning in 2004, Tenneco said.