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Tenneco to Buy Pomona Packaging Firm

March 18, 1998|Bloomberg News

Tenneco Inc. said it agreed to buy closely held Richter Manufacturing, a maker of protective packaging such as air-cushion plastic wrap, to expand in California and the Western U.S. Tenneco, maker of Hefty trash bags and Monroe shock absorbers, did not disclose terms. Pomona-based Richter had $61 million in sales last year and has 325 employees, Tenneco said. There are no immediate plans for job cuts, Tenneco said. The purchase fits into Chief Executive Dana Mead's strategy of buying companies that immediately add to sales and earnings, the company said. Spokesman Warren Hazelton declined to say how much Richter is expected to add to Tenneco's results. Greenwich, Conn.-based Tenneco had previously used Richter as U.S. West Coast distributor of its packaging materials. The transaction is expected to close in the second quarter. Richter also makes polyethylene foam and serves the electronics, automotive parts, furniture and agricultural packaging industries. Tenneco shares rose 6 cents to close at $43.44 on the NYSE.

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