Tenneco is reported to be freezing its current defined benefit pension plans and replacing them with additional contributions under defined contribution plans for nearly all its US-based salaried and non-union hourly employees.
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The emission-control and ride-control products company expects a one-time benefit of $6m to $7m in the fourth quarter from the move, and annual pretax savings of $11m from 1 January, Reuters reported.
Tenneco, which has about 19,000 employees worldwide, had revenue of $4.44 billion in 2005, and net income of $58m, or $1.29 a share, the report noted.
