Tenneco Automotive Eliminates Quarterly Dividend; Announces Annual Meeting
LAKE FOREST, ILLINOIS, JANUARY 10, 2001 - Tenneco Automotive (NYSE: TEN) announced today that its board of directors eliminated the quarterly dividend on the company's common stock at its regularly scheduled meeting yesterday. It had paid a 5-cent per share of common stock dividend each of the previous four quarters. The board took the action in response to current industry conditions, primarily greater than anticipated production volume reductions by original equipment manufacturers and a continued softness in the global light vehicle aftermarket.
The company also announced that its board of directors has scheduled the corporation's annual meeting of shareholders for Tuesday, May 8, 2001. The meeting will be held at the Chicago Botanic Gardens, Glencoe, Illinois. The exact time will be announced at a later date. The record date for shareholders to vote at the meeting is March 16, 2001.
Tenneco Automotive is a $3.5 billion manufacturing company headquartered in Lake Forest, Ill., with 24,000 employees worldwide. Tenneco Automotive is one of the world's largest producers and marketers of ride control and exhaust systems and products, which are sold under the Monroe® and Walker ® global brand names. Among its products are Sensa-Trac® and Reflex™ shocks and struts, Rancho® shock absorbers, Walker® Quiet-Flow™ mufflers and DynoMax™ performance exhaust products, and Monroe® Clevite™ vibration control components.
CONTACT: Tenneco Automotive, Media relations
Jane Ostrander, 847/482-5607
Tenneco Automotive, Investor relations
Leslie Cleveland Hague, 847/482-5042