Item 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES
On June 30, 2020, Tenneco Inc. (the "Company") approved a restructuring plan in
connection with one of its European bearings plants whereby the Company will
propose to reduce headcount, as negotiated with the works councils and unions.
The Company anticipates implementing headcount reductions this year and in 2021.
The Company expects these actions to be substantially completed by early 2022.
Restructuring and related charges are expected to be incurred in 2020 and 2021,
in an aggregate amount of approximately $35 million. The charges are expected to
be comprised of an estimated $9.5 million for post-employment benefits,
including an early retirement program, $21 million of one-time termination
benefits and $1.9 million for customer validation, equipment transfer and
related expenditures. Additional cash expenditures of $2.5 million are expected
to be spent for equipment. The project does not include any non-cash asset
write-downs.
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TENNECO INC. 