Form 8-K TENNECO INC For: Jun 30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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| Item 2.05 | COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES |
On June 30, 2020, Tenneco Inc. (the “Company”) approved a restructuring plan in connection with one of its European bearings plants whereby the Company will propose to reduce headcount, as negotiated with the works councils and unions. The Company anticipates implementing headcount reductions this year and in 2021. The Company expects these actions to be substantially completed by early 2022.
Restructuring and related charges are expected to be incurred in 2020 and 2021, in an aggregate amount of approximately $35 million. The charges are expected to be comprised of an estimated $9.5 million for post-employment benefits, including an early retirement program, $21 million of one-time termination benefits and $1.9 million for customer validation, equipment transfer and related expenditures. Additional cash expenditures of $2.5 million are expected to be spent for equipment. The project does not include any non-cash asset write-downs.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TENNECO INC. | ||||||
| Date: June 30, 2020 |
By: |
/s/ Brandon B. Smith | ||||
| Brandon B. Smith | ||||||
| Senior Vice President, General Counsel and | ||||||