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| TEN > SEC Filings for TEN > Form 8-K on 31-Jan-2013 | All Recent SEC Filings |
31-Jan-2013
Results of Operations and Financial Condition, Other Events, Financial Statements and
On January 31, 2013, Tenneco Inc. announced its fourth quarter and full year 2012 results of operations. Exhibit 99.1 to this Current Report on Form 8-K presents the company's press release, including the company's consolidated statements of income, balance sheets and statements of cash flows for the periods ended December 31, 2011 and 2012, as released by the company on January 31, 2013, and such Exhibit is incorporated herein by reference. Exhibit 99.1 also includes information regarding the company's scheduled conference call to discuss the company's results of operations for the fourth quarter and full year of 2012, as well as other matters that may impact the company's outlook.
European Cost Reduction
In the third quarter of 2012, the company announced plans to close an
aftermarket facility in Vittaryd, Sweden. The company has completed its
consultations with the works councils and is moving forward with this action.
On January 31, 2013, the company announced its intention to make additional
fixed cost reductions in Europe, subject to approval by the company's board of
directors. Including the Vittaryd closure, the company plans to reduce
structural costs in Europe by $60 million annually. The company anticipates
related costs of approximately $120 million, which includes restructuring
charges of approximately $6 million related to the closure of the Vittaryd
facility which the company recorded during the third and fourth quarters of 2012
and a non-cash asset impairment charge of $7 million related to the European
ride control business which the company recorded during the fourth quarter of
2012. Tenneco expects that most of the remaining expense will be recorded in
late 2013 and 2014, and that the company will reach a full savings run rate in
2016. Any plans affecting the company's European hourly and salaried workforce
would be subject to union consultation.
2013 Annual Meeting
The company also announced that its Board of Directors has scheduled the
company's annual meeting of stockholders for Wednesday, May 15, 2013 at 10:00
a.m. CDT. The meeting will be held at the company's headquarters, 500 North
Field Drive, Lake Forest, Illinois. The record date to determine stockholders
eligible to vote is March 18, 2013.
Exhibit No. Description
99.1 Press release issued January 31, 2013
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