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For the sixth consecutive year, Garage Gurus®, the industry-leading training and support platform from DRiV, will award up to $30,000 in scholarships to future automotive technicians who are accepted or currently enrolled in accredited, U.S.-based automotive technical schools, colleges, and universities, or enrolled full-time at a U.S. high school. Applications are now available for the opportunity to receive one of 12 $2,500 Garage Gurus Automotive Technician Scholarships for the 2020-2021 school year (visit www.garagegurus.tech). All materials must be submitted by April 30, 2020; winners will be announced on or about June 1, 2020.
Tenneco Inc. (NYSE: TEN) will participate in the J.P. Morgan 2020 Global High Yield & Leveraged Finance Conference on February 26, 2020. The webcasted presentation is scheduled to begin at 11:00 pm Eastern and run for 35 minutes. Jason Hollar, Chief Financial Officer, will give a strategic overview and provide information regarding matters that may impact the company's outlook and details on its performance acceleration plan.
Tenneco Inc. (NYSE: TEN) will participate in the Wolfe Research Global Auto, Auto Tech and Mobility Conference on February 25, 2020. The webcasted presentation is scheduled to begin at 1:30 pm Eastern and run for 45 minutes. Brian Kesseler, Chief Executive Officer and Jason Hollar, Chief Financial Officer will give a strategic overview and provide information regarding matters that may impact the company's outlook and details on its performance acceleration plan.
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.