CHICAGO, Aug 23 (Reuters) - Auto parts maker Tenneco Inc. said on Wednesday that it was freezing its defined benefit pension plan for nearly all U.S.-based salaried and nonunion hourly employees. The Lake Forest, Illinois-based company said it would switch those employees into a defined contribution plan. Tenneco, which makes mufflers and shock absorbers, estimated the change, which takes effect Jan. 1, will save the company $11 million a year before taxes.
Premium Content (PAID Subscription Required)
"Tenneco freezing pension plan for most US workers" is part of the paid WardsAuto Premium content. You must log in with Premium credentials in order to access this article. Premium paid subscribers also gain access to:
Hundreds of downloadable data tables including:
• Global sales and production data by country
• U.S. model-line inventory data
• Engine and equipment installation rates
• WardsAuto's North America Plant by Platform forecast
• Product Cycle chart
• Interrelationships among major OEMs
• Medium- and heavy-duty truck volumes
• Historical data and much more!
Current subscribers, please login or CLICK for support information.