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TEN > SEC Filings for TEN > Form 8-K on 5-Sep-2013All Recent SEC Filings

Show all filings for TENNECO INC

Form 8-K for TENNECO INC


Other Events, Financial Statements and Exhibits


On September 5, 2013, Tenneco Inc. announced its intention to close its ride performance plant in Gijon, Spain and decomplex its ride performance plant in Sint-Truiden, Belgium as the company continues to take actions to address ongoing weak macroeconomic conditions in Europe. The actions announced today are subject to consultation with employee works councils. Tenneco expects to record charges of $63 million related to these actions, of which $55 million will be recorded in the third quarter. 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 these actions.

This announcement follows the company's closing of an aftermarket facility in Vittaryd, Sweden, which was completed in August, 2013. These actions, including the Vittaryd closure, are part of Tenneco's previously announced cost reduction initiative that is intended to reduce structural costs in Europe by $60 million annually with related costs of approximately $120 million. Tenneco expects that most of the expense will be recorded in 2013 and 2014, and that the company will reach a full savings run rate in 2016. The actions related to this announcement would be expected to represent $22 million of the projected savings.

A copy of the company's press release, dated September 5, 2013, is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.


No. Description

99.1 Press release issued September 5, 2013

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