New North American contracts will add approximately $11 million in incremental revenue to the company this year, says a spokesperson for Tenneco. The company, which manufactures automotive emissions controls and ride-control products and systems, recently announced that it has won business with five new customers for ride and or/emission control products, one of which was previously serviced by a major competitor. "Tenneco's powerful and well-known brands coupled with our strong distribution capabilities distinguish us in this market," says Neal Yanos, senior vice president and general manager, North American original equipment ride control and aftermarket. "We are pleased to win new business and look forward to serving these customers with Tenneco's premium Monroe® and Walker® products and outstanding marketing support." Tenneco anticipates taking a $5 million charge in the third quarter for customer changeover costs, expenses incurred to replace competitors' products in retail outlets with Tenneco products. The Monroe ride control products will be produced primarily at Tenneco's facility in Paragould, Ark., and the Walker exhaust products at its Harrisonburg, Va. facility. For more information about Tenneco, visit the company's Web site. |