Tenneco Inc. announced August 23 that the company is freezing its current defined benefit plans and replacing them with additional contributions under defined contribution plans for nearly all U.S.-based salaried and non-union hourly employees effective January 1, 2007.
Tenneco estimates that these changes will save about $11 million in expenses (pre-tax) annually, starting January 1. Additionally, the company will realize a one-time benefit of approximately $6 million to $7 million in the fourth quarter 2006 related to curtailing the defined benefit pension plans.
Tenneco is a $4.4 billion manufacturing company with headquarters in