Tenneco Automotive stock “vaulted” after the company revealed plans for two new ventures that will help it cash in on China’s new vehicle boom, Forbes magazine said.
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The magazine noted that the first joint venture is with China’s Chengdu Lingchuan Mechanical Plant to establish Chongqing Walker Exhaust System, which will supply emission control products and systems to Changan Ford, a joint venture between Changan Automobile Group and Ford Motor. Tenneco will own 60% of that entity, Forbes said.
The magazine said that other project is a partnership with Eberspacher International to establish a company called Walker-Eberspacher Automotive Exhaust System which will make products in China for German vehicle makers – Tenneco will own 30% of that project.
At 4pm New York Time on Monday, Tenneco was up 79 cents at $5.65, the Forbes report said.
