Press Releases
Tenneco Announces Pension Plan Changes
Lake Forest, Illinois, August 23, 2006 – Tenneco Inc.
(NYSE: TEN) announced today that the company is freezing
its current defined benefit plans and replacing them
with additional contributions under defined contribution
plans for nearly all U.S.-based salaried and non-union
hourly employees effective January 1, 2007.
Tenneco estimates that these changes will save about
$11 million in expenses (pre-tax) annually, starting
January 1, 2007. Additionally, the company will realize
a one-time benefit of approximately $6 to $7 million in
the fourth quarter 2006 related to curtailing the
defined benefit pension plans.
For additional information, please see Tenneco's
current report on form 8-K dated August 23, 2006.
Tenneco is a $4.4 billion manufacturing company with
headquarters in Lake Forest, Illinois and approximately
19,000 employees worldwide. Tenneco is one of the
world's largest designers, manufacturers and marketers
of emission control and ride control products and
systems for the automotive original equipment market and
the aftermarket. Tenneco markets its products
principally under the Monroe®, Walker®, Gillet® and
Clevite®Elastomer brand names. Among its products are
Sensa-Trac® and Monroe Reflex® shocks and struts,
Rancho® shock absorbers, Walker® Quiet-Flow® mufflers,
Dynomax® performance exhaust products, and
Clevite®Elastomer noise, vibration and harshness control
components.
This press release contains forward-looking
statements. Words such as "will," "estimates," and
similar expressions identify forward-looking statements.
These forward-looking statements are based on the
current expectations of the company (including its
subsidiaries). Because these forward-looking statements
involve risks and uncertainties, the company's plans,
actions and actual results could differ materially.
Among the factors that could cause these plans, actions
and results to differ materially from current
expectations are: (i) future interest rate changes and
(ii) future compensation changes that are different than
those currently anticipated, each of which impacts the
extent to which we will incur expense in future periods
relating to funding obligations for historical pension
obligations. The company undertakes no obligation to
update any forward-looking statement to reflect events
or circumstances after the date of this press release.
Contacts:
Jane Ostrander
Media Relations
847
482-5607
jostrander@tenneco.com
Leslie Hunziker
Investor Relations
847
482-5042
lhunziker@tenneco.com
Copyright© 2006 by Tenneco. All rights
reserved.