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| TEN > SEC Filings for TEN > Form 8-K on 14-Sep-2012 | All Recent SEC Filings |
14-Sep-2012
Other Events, Financial Statements and Exhibits
On September 13, 2012, Tenneco Inc. announced its intention to close its emission control plant in Vittaryd, Sweden in response to weak market conditions throughout the European region. Tenneco expects to complete the closure in the third quarter of 2013. The plant closure is subject to consultation with employee works councils. Tenneco expects to take restructuring and related charges in the range of $10 million to $14 million over the next four quarters. These charges include non-cash asset impairments, the cost of relocating tooling, equipment and production to other facilities, severance and retention payments to employees, and other costs related to the closure. The company expects to record non-cash charges of $4 million in the third quarter of 2012 related to this announcement, with the remainder of the charges expected to be recorded over the next three quarters. Tenneco anticipates annual savings of $4 million beginning in late 2013 once this action is complete.
A copy of the company's press release, dated September 13, 2012, is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
99.1 Press release issued September 13, 2012
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