TENNECO UNIT ANNOUNCES WORLDWIDE WORK FORCE REDUCTION
TENNECO UNIT ANNOUNCES WORLDWIDE WORK FORCE REDUCTION HOUSTON, Dec. 4 /PRNewswire/ -- Tenneco Inc. (NYSE: TGT) announced
today that its J I Case unit will begin immediately to reduce its worldwide work force by 4,000 by the end of 1992 as part of a previously announced restructuring program. Approximately half of the reductions will be in Europe and half in North America. Case currently employs about 25,000 people worldwide.
The 4,000 job reductions announced today are in addition to 5,000 positions already eliminated throughout Case since late 1990. The company did not say how many employees would be affected at specific locations. The restructuring program is part of a Tenneco action plan which was designed to strengthen the company's balance sheet, enhance its financial flexibility and respond to continued depressed market conditions in the farm and construction equipment industry. The action plan also includes plant closings and product rationalizations to be announced later. Tenneco recorded restructuring charges in the third quarter to cover the costs of these measures. The work force reductions will affect employees at all levels including hourly and salaried workers, managers and executives. The reductions will be achieved through a combination of layoffs, early retirements and normal attrition. Affected employees will receive severance pay, extended benefit coverage for one year and outplacement assistance. "The actions we embark on today are driven by a worldwide agricultural equipment marketplace that has steadily decreased for the past 10 years and a severe economic recession affecting the markets for construction equipment," said Robert J. Carlson, Case president and chief executive officer. "We must size our company realistically to the new marketplace and we must be profitable in order for our dealers and customers to be profitable. Though regrettable, these work force reductions are essential to our continued progress in very difficult market conditions." Headquartered in Racine, Wis., J I Case is a leading worldwide maker of farm and construction equipment. 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, chemicals and minerals. -0- 12/4/91 /CONTACT: Christine LeLaurin of Tenneco Inc., 713-757-2761, or Richard C. James Jr. of J I Case, 414-636-6668/ (TGT) CO: Tenneco Inc.; J I Case ST: Wisconsin, Texas IN: SU: SM -- NY077 -- 9329 12/04/91 15:35 EST
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|Date:||Dec 4, 1991|
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