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Monroe® Shocks and Struts, a leading global brand from DRiV has introduced new part numbers to offer expanded coverage to over 2.2 million vehicles in operation (VIO) in the month of February. New products include a conversion kit, Magnum™ steering stabilizer, and OESpectrum® shocks and struts for 37 popular domestic and import passenger vehicles.
Tenneco Inc. (NYSE: TEN) today announced that it has reached an agreement with its senior lenders to amend the leverage covenant ratio of its senior credit facility, which increases the Company's maximum net leverage ratio to 4.50 through the first quarter of 2021. Moving forward, the covenant decreases gradually until 3.50 is reached by the fourth quarter of 2022.
Tenneco (TEN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Walker® Emissions Control, a leading global brand from DRiV, announces new replacement catalytic converter and muffler product offerings, along with assorted hardware and accessories, extending coverage to more than 16 million vehicles in operation (VIO) in North America. Now available are 33 additional Walker CalCat® and Walker Ultra® converters, four new Walker Quiet-Flow® SS stainless-steel mufflers, and 27 new Walker resonator assembly, gasket and pipe part numbers.
Moody's Investors Service affirmed the ratings of Tenneco Inc. ("Tenneco") including the Corporate Family and Probability of Default ratings at B1 and B1-PD, respectively, the senior secured debt at Ba3, and the senior unsecured debt at B3.
Monroe® Shocks and Struts, a leading global brand from DRiV, recently announced 33 new part numbers for its RoadMatic® strut assembly range, extending coverage to over 5.6 million vehicles in operation (VIO). RoadMatic strut assemblies include all the components required for a complete repair in a single, fully assembled unit and are designed to aid in the extension of vehicle life for millions of passenger cars, light trucks, CUVs, and SUVs.
Tenneco Inc. (NYSE: TEN) today announced, as part of its ongoing Board refreshment process, the appointment of automotive industry veteran Charles "Chuck" K. Stevens III to its Board of Directors, effective today. Mr. Stevens' appointment follows the Company's January 27, 2020 announcement of its commitment to adding at least one new independent director over the course of 2020. The Company intends to continue this refreshment process throughout the year.
Tenneco Inc. (NYSE: TEN) will report its fourth quarter and full year 2019 financial results before the market opens on Thursday, February 20, 2020 and host a webcast conference call the same day at 10:00 a.m. ET. The purpose of the call is to discuss the company's financial results for the fourth quarter and full year 2019, as well as to provide other information regarding matters that may impact the company's outlook, including 2020 guidance and details on its performance acceleration plan.
DRiV, the future Aftermarket and Ride Performance Company from Tenneco, will feature its quality commercial vehicle products for the wheel end, braking, exhaust and engine repair markets during Heavy-Duty Aftermarket Week 2020 (HDAW) in Grapevine, Texas, January 27-30. The company's featured brands include Abex® friction products; FP Diesel® engine components; Monroe® shocks products; Walker® exhaust system components, and National® oil seals and bearings.
Shares of Tenneco Inc. ran up 4.1% in premarket trading Monday, after the truck parts maker said it had retained Lazard as an advisor as it continues to review strategic alternatives to maximize shareholder value. In addition to its current plan to spin off its aftermarket and ride performance business, the company is considering the sale of DRiV and/or its powertrain technology business, while deals involving other lines of business are being considered as well. The company said it now expects 2019 revenue to be "slightly higher" than the guidance provided in October of $17.25 billion to $17.35 billion, which compares with the FactSet consensus of $17.29 billion. Tenneco also said it will add at least one new independent director to its board. "The addition of Lazard to our existing advisor team will add a fresh perspective in our assessment of strategic alternatives," said Chairman Gregg Sherrill. The stock has plunged 34.1% over the past three months through Friday, while the S&P 500 has gained 9.0%.
Tenneco Inc. (NYSE: TEN) (the "Company") today reconfirmed that it has been reviewing strategic alternatives to maximize shareholder value and announced the addition of Lazard to its existing advisor team as an independent financial advisor. In consultation with its advisors, Tenneco is reviewing and considering, in addition to the current plan to spin off the Company's Aftermarket and Ride Performance business ("DRiV"), a full range of strategic options including the sale of DRiV and/or the Company's Powertrain Technology business ("New Tenneco"). Transactions involving other individual product lines in the portfolio are also under consideration.
Chris Gabehart, rookie crew chief for Denny Hamlin and the Joe Gibbs Racing (JGR) No. 11 Toyota Camry in the Monster Energy NASCAR® Cup Series, captured the 2019 MOOG® "Problem Solver of the Year" Award by winning his series-best fourth weekly MOOG award during the season-ending Ford EcoBoost 400 at Homestead-Miami (Fla.) Speedway. Gabehart received a $100,000 Problem Solver of the Year check and handcrafted MOOG ball joint trophy during NASCAR Champions Week in Nashville, Tenn. MOOG, the "Official Steering and Suspension Partner of NASCAR," has been involved in NASCAR competition for 54 consecutive years.
While Tesla (TSLA) reports solid fourth-quarter 2019 deliveries on rising Model 3 demand, General Motors (GM) posts double-digit decline in China sales in 2019.
Monroe® Shocks and Struts, a leading global brand from DRiV, has completed a record expansion of the RoadMatic™ strut assembly range, with nearly 100 new part numbers extending coverage to approximately 30.4 million additional applications. An offering designed to help extend vehicle life for millions of passenger cars, light trucks and SUVs, RoadMatic strut assemblies include all the components required for a complete repair in a single, fully assembled unit.
Monroe® Shocks and Struts, a leading global brand from DRiV, has introduced a complete suspension conversion kit which expands coverage to more than 1.6 million applications for Ram 1500 light trucks originally equipped with an air suspension system. The new kits enable customers to save time, money, and frustration while restoring a vehicle's ride and handling profile by converting a worn original equipment (OE) air suspension to a mechanical suspension.
Although Tenneco (TEN) is taking incremental actions to facilitate the planned spinoff of DRiV, volatile industry environment and unfavorable market conditions are acting as deterrents.
Tenneco Inc. (NYSE: TEN) (the "Company") today announced plans to streamline its leadership structure and reinforced its commitment to the planned spin-off of its Aftermarket and Ride Performance business ("DRiV") from the remaining Powertrain Technology business ("New Tenneco"). This action is part of a broader plan to accelerate the reduction of operational costs, improve cash flow performance and reduce leverage.
Denis McGlynn, president and CEO of Dover Motorsports Inc. and a driving force in the success of the historic "Monster Mile" of Dover (Del.) International Speedway, received the 2019 NASCAR® Buddy Shuman Award during NASCAR Champion's Week in Nashville, Tenn. One of the sport's most prestigious honors, the Shuman Award was established in memory of early Cup Series driver and technical inspector Louis Grier "Buddy" Shuman, who died in a hotel fire in 1955. The award has been presented for 64 consecutive years by Champion®, a leading global brand of DRiV.
The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]
DRiV™, a Tenneco Inc. (NYSE: TEN) business and leading global aftermarket and OE ride performance supplier, and several research partners have received a European Union Marie Sklodowska-Curie Actions mobility grant for development and evaluation of advanced wheel-corner concepts for autonomous vehicles. DRiV will collaborate with Arrival ltd, a London based technology company designing and manufacturing Generation 2.0 electric vehicles, and several leading universities and industrial organizations in Project OWHEEL, which will produce recommendations for improving ride dynamics and passenger comfort through innovative wheel-corner designs.