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TENNECO ANNOUNCES ADDITIONAL $1 BILLION RESTRUCTURING WITH SALE OF MINERALS UNIT TO SOLVAY FOR $500 MILLION

 TENNECO ANNOUNCES ADDITIONAL $1 BILLION RESTRUCTURING WITH
 SALE OF MINERALS UNIT TO SOLVAY FOR $500 MILLION
 HOUSTON, April 23 /PRNewswire/ -- Continuing its aggressive program to strengthen its balance sheet and focus on core businesses, Tenneco Inc. (NYSE: TGT) today announced it will sell its Tenneco Minerals Company subsidiary to Solvay America, Inc., a unit of Solvay S.A. of Belgium for $500 million in cash.
 "Since announcing our action plan last September, we've taken actions totalling $3 billion -- $2 billion resulting from the successful completion of our 1991 action plan, and an additional $1 billion in non- core asset sales and other actions this year," said Michael H. Walsh, Tenneco president and chief executive officer. "The Minerals sale is a key piece of this latest set of actions."
 Included in the sale are 100 percent of the stock of Tenneco Minerals which owns or controls trona ore deposits, production facilities for caustic soda and sodium sulfite in Green River, Wyo., and an 80 percent interest in a soda ash joint venture at the same site with Asahi Glass of Japan.
 The sale is expected to be completed in June, subject to approval by appropriate regulatory agencies.
 "This sale continues our commitment to improve our financial performance and build a strong foundation for consistent future growth at Tenneco," Walsh said. "The cash from this sale will substantially add to our program to improve cash flow and further reduce our debt in 1992. The after-tax gain on the sale will be approximately $100 million."
 So far this year, Tenneco has announced asset sales of $702 million (the $500 million Minerals sale and the recently announced $202 million sale of the company's sodium chlorate operations), and the completion of a $79 million timberland transaction. In addition, Tenneco announced it intends to issue $200 million of additional equity targeted primarily for the funding of employee benefit plans, for a total of approximately $1 billion.
 "We're talking about a $3 billion restructuring in the course of three quarters," Walsh said. "If that doesn't let people know we're serious about what we're up to at Tenneco, I don't know what would."
 Tenneco Inc. is a Houston-based diversified industrial corporation with major business interests in natural gas pipelines, farm and construction equipment, automotive parts, shipbuilding, packaging and chemicals.
 Below are brief descriptions of Tenneco Minerals and Solvay.
 Tenneco Minerals mines and processes trona ore to produce soda ash, caustic soda, and sodium sulfite. Soda ash is used for making glass and detergents; caustic soda is used in numerous industrial applications; and sodium sulfite is used for pulp bleaching in the paper industry. Headquartered in Lakewood, Colo., the company employs approximately 450 people.
 Solvay America, Inc. is a Houston-based subsidiary of Solvay, S.A., a Belgian multinational chemical and pharmaceutical company. The founder of the company patented the first commercially successful process for producing soda ash in 1863. Today, Solvay is Belgium's largest non-petroleum industrial company (with annual sales of approximately $8 billion) and is one of the 200 largest industrial companies in the world.
 -0- 4/23/92
 /CONTACT: T.J. Slocum of Tenneco, 713-757-3430, or Jean-Louis Anspach of Solvay, 32-2-509-6046/
 (TGT) CO: Tenneco Inc. ST: Texas IN: OIL SU: RCN


SM -- NY025 -- 1722 04/23/92 09:58 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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