LAKE FOREST, Ill. (AP) — Tenneco, the maker of emission and ride control systems for automobiles, announced on Wednesday that it would cut 1,100 jobs worldwide and close five plants in a broad restructuring of operations as the company grapples with an industry downturn.þþThe company said the move and other cost-cutting efforts were expected to save $64 million a year. Tenneco expects to record charges of up to $60 million for restructuring — of which $25 million will be recognized in the fourth quarter and the rest through 2009.þþThe company is restructuring one North American plant and closing four, including a Milan, Ohio, plant and an original equipment emission control plant in Evansville, Ind. Its Dunsborough, Australia, engineering operation will be shut down as well.þþTenneco said the other affected plants would be identified in the near future.þþAbout 500 salaried jobs and 600 hourly positions are being eliminated. Tenneco has a total work force of about 21,000. The restructuring is expected to be completed by the end of next year.þþEarlier this year, Tenneco cut more than 1,150 jobs globally — of which 760 were in North America.þþ“We must act quickly by better aligning our operations with the new realities of the market,” Gregg Sherrill, chairman and chief executive, said in a statement.þ
Source: NY Times
