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Stock Market & Financial Investment News

News Breaks
December 23, 2013
16:12 EDTTENTenneco says employee terminations at Gijon will be completed by the end of 2013
Tenneco disclosed in a filing, that on September 5, Tenneco announced its intent to close its ride performance plant in Gijon, Spain and to reduce the workforce at its ride performance plant in Sint Truiden, Belgium, subject in each case to consultation with applicable employee representatives. Tenneco has concluded the consultation period with employee representatives at Gijon without having reached agreement and on December 17 notified the Gijon workers council that the company is proceeding with the plant closure. Negotiations with employee representatives at Sint Truiden are continuing. Employee terminations at Gijon will be completed by the end of 2013. Tenneco’s estimate of total charges related to the actions at the Gijon and Sint Truiden plants remains unchanged from its prior announcement. The charges comprise $57M of cash expenditures and $6M of non-cash asset impairments.
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