ERJ staff report (DS)
Lake Forest, Illinois -- Tenneco Inc. has announced a major cost-cutting restructuring plan across its global operations The company said it is cutting capacity in response to the worsening industry downturn. The company intends to eliminate approximately 1,100 jobs worldwide, close five facilities and implement other cost reduction actions, which it expects will generate about $64 million in annual savings once fully implemented.
The North America manufacturing plants recommended for closure include the company's Milan, Ohio elastomer facility. Four other US plants will close as well as one in Australia. The Milan facility will close by the end of 2009 with the loss of 80 jobs, said the company.
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Press release from Tenneco