Lake Forest, Illinois, August 7, 2007 – Tenneco Inc. (NYSE: TEN) announced today that it plans to complete the restatement of its financial statements by August 14, 2007. The company announced on July 23, 2007 that it will restate its previously reported financial results primarily to correct the accounting for interest rate swaps that the company entered into in 2004. As previously disclosed, the restatement will also reflect other accounting adjustments, as well as the results of Tenneco’s reconciliation of its deferred tax balances. The restatement will impact the years ended December 31, 2004, 2005 and 2006 and the quarters ended March 31, 2006 and 2007, June 30, 2006 and September 30, 2006.
Tenneco plans to file an amendment to its Form 10-K for the year ended December 31, 2006 and an amendment to its Form 10-Q for the quarter ended March 31, 2007 immediately prior to filing its Form 10-Q for the quarter ended June 30, 2007.
Tenneco is a $4.7 billion manufacturing company with headquarters in Lake Forest, Illinois and approximately 19,000 employees worldwide. Tenneco is one of the world’s largest designers, manufacturers and marketers of emission control and ride control products and systems for the automotive original equipment market and the aftermarket. Tenneco markets its products principally under the Monroe®, Walker®, Gillet™ and Clevite®Elastomer brand names.
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