LAKE FOREST, Ill. (Jan. 23, 2012)—Tenneco Inc.'s board of directors has approved a share repurchase program, authorizing the repurchase of up to 600,000 shares of the company's outstanding common stock over the next 12 months.
The repurchase program is intended to offset dilution from shares of restricted stock and stock options that were issued to employees in 2012 under Tenneco's long-term compensation plan, according to the Lake Forest-based automotive parts supplier.
The company said it completed a similar repurchase of common stock in 2011 as it “expands its options for using cash while remaining committed to further improving its financial position and investing in strategic initiatives.”
Tenneco anticipates acquiring the shares through open market or privately negotiated transactions, which will be funded through cash from operations. The repurchase program does not obligate Tenneco to make repurchases at any specific time or situation, the firm said.
Tenneco markets its products under the Monroe, Walker, Gillet and CleviteElastomer brand names.