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TenneCo Inc Announces Intention To Close Ride Performance Plant In Gijon, Spain & Decomplex Ride Performance Plant In Sint-truiden, Belgium; Elimination Of Jobs; Comments On Q3 2013 Charge Outlook

Thursday, 5 Sep 2013 04:10am EDT 

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. Both plants manufacture shock absorbers for vehicle manufacturers and the replacement market. The actions announced are subject to consultation with employee works councils and in total would eliminate approximately 480 jobs in Western Europe while allowing the most efficient use of the Company`s capital assets and production capacity across the region. Tenneco currently employs 230 people at the Gijon plant. The Company intends to begin transferring current customer business to other ride performance operations and intends to complete the closure in the first quarter of 2014. Tenneco expects to record charges of $63 million related to these actions, of which $55 million will be recorded in the third quarter of 2013. 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. 

Company Quote

-0.1 -0.18%
11:14am EDT