US: Tenneco announces major restructuring
Tenneco has announced that it will record a restructuring charge of US$15m in the second quarter for projects to improve distribution and manufacturing operations. The company estimates it will record approximately US$8m of the charges during the second quarter of 2006 and an additional US$7m over the next four quarters. The company estimates these actions will result in annual savings of approximately US$10 million when completed.
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