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8-K - 8-K - TENNECO INC | d657494d8k.htm |
Exhibit 99.1
TENNECO ANNOUNCES SHARE REPURCHASE PROGRAM
LAKE FOREST, Il Jan. 16, 2014 Tenneco Inc. (NYSE: TEN) announced that the companys board of directors has approved a share repurchase program, authorizing the repurchase of up to 400,000 shares of the companys outstanding common stock over the next 12 months. The repurchase program is intended to offset dilution from shares of restricted stock and stock options that were issued to employees in 2014 under Tennecos long-term compensation plan.
Tenneco has completed similar repurchases of common stock in 2011, 2012 and 2013, while remaining committed to further improving its financial position and investing in strategic initiatives.
The company anticipates acquiring the shares through open market or privately negotiated transactions, which will be funded through cash from operations. The repurchase program does not obligate Tenneco to make repurchases at any specific time or situation.
Tenneco is a $7.4 billion global manufacturing company with headquarters in Lake Forest, Illinois and approximately 25,000 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.
This press release contains or may contain forward-looking statements. Words such as anticipates, expects, will, and similar expressions identify forward-looking statements. These forward-looking statements are based on the current expectations of the company (including its subsidiaries). Because these forward-looking statements involve risks and uncertainties, the companys plans, actions and actual results could differ materially. Please see the companys filings with the SEC for further information, including the Safe Harbor Statement and Risk Factors in the companys 10-K. The company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
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Contacts: |
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Linae Golla |
Bill Dawson | |||
Investor inquiries |
Media inquiries | |||
847 482-5162 |
847 482-5807 | |||
lgolla@tenneco.com |
bdawson@tenneco.com |