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Tenneco Automotive Cuts Jobs as Profit Drops

October 25, 2000|Associated Press

Tenneco Automotive Inc., a leading maker of shock absorbers and exhaust systems, said it has laid off 285 salaried workers in Illinois, Michigan and Ohio, or about 6% of its salaried work force, as part of a plan to cut as many as 700 jobs worldwide. The announcement came as Tenneco reported a 67% drop in profit to $9 million, or 23 cents a share, for the third quarter, on a 7% rise in revenue to $870 million. The results beat estimates of 20 cents. The Lake Forest, Ill.-based company said it's cutting jobs because of market conditions and structural costs that exceed the industry average. Tenneco Automotive shares closed down 13 cents at $4.50 on the NYSE.

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