Auto parts supplier company Tenneco, which makes emissions and ride control systems, announced restructuring plans today. The company will close four plants in North America, restructure one, and close another in Australia. 1,100 jobs will be cut ? about 500 salaried positions and 600 hourly jobs. The restructuring is expected to save the company $64 million a year, though restructuring charges are expected to reach $60 million. This is Tenneco?s second round of cuts this year ? they cut 1,150 positions earlier this year, 760 of those in North America. Chief Executive Gregg Sherrill says the company must continue to align itself with the new realities of the market.
See "Auto Parts Supplier plans to cut 1,100 jobs", The New York Times, October 28, 2008