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TENNECO ANNOUNCES ORGANIZATIONAL CHANGES
Company Establishes Clean Air and Ride Performance Divisions
February 14, 2013, Lake Forest, Illinois Tenneco Inc. (NYSE: TEN) today announced organizational changes that will align its businesses along product lines to support the companys plans for revenue and earnings growth and its longer-term strategic vision. The company has established a Clean Air division, which includes Tennecos emissions control businesses, and a Ride Performance division, comprised of its ride control businesses.
These organizational shifts will help drive greater integration across regions and a more focused strategic approach for each product line, all designed to further drive growth and profit improvement opportunities unique to each business.
Neal Yanos, executive vice president, has been appointed to lead the Clean Air division and Josep Fornos, executive vice president, will lead the Ride Performance division. The appointments are effective immediately and both divisions will report to Hari Nair, chief operating officer. The South America, India and Asia Pacific regions will align strategically with the Clean Air and Ride Performance divisions and report operationally to Nair.
Todays announcement brings even greater focus on our product lines as we continue to execute distinct strategies for each business and drive profitable growth, said Gregg Sherrill, chairman and CEO, Tenneco. In Clean Air, Tenneco is well-positioned to build on our current light and commercial vehicle success and increase our focus on a broad range of regulatory-driven opportunities in other industries. I am equally excited about Ride Performance as we take a strategic approach that will unleash new opportunities by leveraging product cost and functionality leadership, commercializing advanced technologies and continuing to build on our leading aftermarket positions with our powerful brands.
In line with the organizational changes announced today, the companys financial reporting segments will change as noted in the attachments. Tennecos new reporting segments will now be comprised of the three current geographical segments split along product lines. The six new reporting segments are Clean Air North America; Clean Air Europe, South America and India; Clean Air Asia Pacific; Ride Performance North America; Ride Performance Europe, South America and India; and Ride Performance Asia Pacific.
Tenneco is hosting an investor meeting in New York today, February 14, beginning at 1:30 pm Eastern time. Senior management will review the companys long-term strategic vision, business operations and revenue guidance. The webcast can be accessed by going to the financial/investor section of the companys website at www.tenneco.com.
Tenneco is a $7.4 billion global manufacturing company with headquarters in Lake Forest, Illinois and more than 24,000 employees worldwide. Tenneco is one of the worlds largest designers, manufacturers and marketers of clean air and ride performance products and systems for automotive and commercial vehicle original equipment markets and the aftermarket. Tennecos principal brand names are Monroe®, Walker® , XNOx and Clevite®Elastomer.
The following information was filed by Tenneco Inc (TEN) on Thursday, February 14, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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