Tenneco, one of the world's leading designers, manufacturers and distributors of emission control and ride control products and systems for the automotive original equipment market and the aftermarket, recently announced plans to expand its production lines and add 350 employees at its Hartwell facility in northeast Georgia, the Associated Press reported. Tenneco currently employs a workforce comprising more than 750 full and part-time people at the Hartwell facility.
Tenneco has benefitted from the resurgence of the automotive manufacturing industry, achieving its highest-ever quarterly revenues ($1.8 billion for Q4 2011) and annual sales ($7.2 billion) for full-year 2011. For the fourth quarter, Tenneco reported record net income of $30 million, or 49-cents per diluted share, compared with a loss of $18 million, or 31-cents per diluted share, in the fourth quarter 2010. Higher OE light vehicle production volumes, incremental revenue from commercial vehicle launches and higher global aftermarket sales all contributed to strong revenue growth in the quarter.
“The double-digit increases in revenues and earnings demonstrate the balance in our growth strategy and set new performance benchmarks for Tenneco,” said Gregg Sherrill, chairman and CEO. “Our strong position on light vehicle platforms globally, higher aftermarket sales, and technology-driven growth in the commercial vehicle segment, drove the significant revenue gain and delivered earnings growth, EBIT margin improvement, and a stronger financial position.”
Since becoming a stand-alone company in 1999, Tenneco has grown to become one of the world's leading designers, manufacturers and distributors of emission control and ride control products and systems for the automotive original equipment market and the aftermarket. The company employs 24,000 people worldwide, operates more than 80 manufacturing facilities on six continents, and maintains 14 engineering centers around the world. Tenneco sells its ride-control products primarily under the well-known Monroe® brand, as well as Clevite® Elastomers, Fric RotTM, Axios® and Rancho®. On the emission control side of the business, Tenneco markets its products globally under highly recognized brands such as Walker®, GilletTM, Fonos and Dynomax®. Tenneco has a balanced customer base, serving original equipment manufacturers on a global basis, including: Chrysler, General Motors, Ford Motor Co., Harley-Davidson, Volkswagen, Daimler, Toyota, BMW, Nissan, Honda, and Tata Motors, among others.