LAKE FOREST, Ill.--()--Tenneco Inc. (NYSE: TEN) announced that the company’s board of directors has approved a share repurchase program, authorizing the repurchase of up to 550,000 shares of the company’s outstanding common stock over the next 12 months. The repurchase program is intended to offset dilution from shares of restricted stock and stock options that were issued to employees in 2013 under Tenneco’s long-term compensation plan.
Tenneco has completed similar repurchases of common stock in 2011 and 2012 while remaining committed to further improving its financial position and investing in strategic initiatives.
The company anticipates acquiring the shares through open market or privately negotiated transactions, which will be funded through cash from operations. The repurchase program does not obligate Tenneco to make repurchases at any specific time or situation.
Tenneco is a $7.2 billion global manufacturing company with headquarters in Lake Forest, Illinois and approximately 24,000 employees worldwide. Tenneco is one of the world’s largest designers, manufacturers and marketers of emission control and ride control products and systems for the automotive and commercial vehicle original equipment markets and the aftermarket. Tenneco markets its products principally under the Monroe®, Walker® and Clevite®Elastomer brand names.
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