| Type | Public |
|---|---|
| Traded as | NYSE: TEN |
| Industry | Auto parts |
| Founded | 1940 |
| Headquarters | Lake Forest, Illinois |
| Key people | Gregg M. Sherrill, Chairman & CEO Kenneth R. Trammell, CFO David A. Wardell, Senior Vice President |
| Products | Ride control, emissions control, elastomers |
| Revenue | $6,184 Mil (2007 Sales) |
| Employees | 21,000 |
| Website | http://www.tenneco.com/ |
Tenneco (formerly Tenneco Automotive and originally Tennessee Gas Transmission Company) is a $6.2 billion Fortune 500 company that has been publicly traded on the NYSE since November 5, 1999 under the symbol TEN. Tenneco, with headquarters in Lake Forest, Illinois, United States[1] is an original equipment manufacturer and an after-market ride-control and emissions products.
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Tenneco, Inc. can be traced to the Chicago Corporation established about 1930.[2] Tennessee Gas and Transmission Company (completely separate) had been formed in 1940.[3]
A shortage of fuel for World War II defense industries in the Appalachian area developed as industrial production was increased. The nuclear development operations of the Manhattan Project at Oak Ridge, Tennessee would consume huge quantities of Tennessee Valley Authority electrical power that would have otherwise been available to other industrial operations. The Chicago Corporation was able to acquire a Federal Power Commission (FPC) license to operate a natural gas pipeline. The Tennessee division of the Chicago Corporation acquired Tennessee Gas Transmission Company in 1943 to build a natural-gas pipeline 1,265 miles (2,036 km) from Texas to West Virginia. The first line was completed in October 1944. It was followed by three additional pipelines totaling 3,840 miles (6,180 km)[3] during the next 15 years which provide gas to New York, New Jersey, and New England. These pipelines are now owned by the El Paso Corporation.
In the 1950s, the company acquired existing oil companies, including Sterling Oil, Del-Key Petroleum, and Bay Petroleum.[4]
In 1966, Tennessee Gas was incorporated as Tenneco, Inc.[2] Tenneco expanded into a number of business ventures as a result of diversification. Tenneco bought Houston Oil & Minerals Corporation in the late 1970's. Tenneco owned and operated a large number of gasoline service stations, but all were closed or replaced with other brands by the mid-1990s.[3]
In the 1970, Tenneco purchased 53% of J.I. Case when they purchased its owner Kern County Land Company, the agricultural equipment manufacturer based in Racine, Wisconsin, USA.[5] In 1972, Tenneco purchased UK-based David Brown Ltd. and merged it with the J.I. Case business. In 1984, Case parent Tenneco bought selected assets of the International Harvester agriculture division and merged it with J.I. Case. All agriculture products are first labeled Case International and later Case IH. Tenneco purchased the articulated 4WD manufacturer Steiger Tractor in 1986, and merged it into Case IH. By 1994, Tenneco decided to begin getting out of the ag business and agreed to sell 35% of the now named Case Corporation.[6] In 1996, the spin-off of Case Corporation was completed. The company was acquired by Fiat in 1999 and merged with New Holland Agriculture to form CNH Global.[7]
Tenneco Inc. emerged from a conglomerate consisting of six unrelated businesses: shipbuilding, packaging, farm and construction equipment, gas transmission, automotive, and chemicals.[8] The automotive division was spun off from Tenneco, Inc. in 1991 along with the packaging, energy, natural gas, and shipbuilding divisions.[3] All businesses except automotive and packaging were disposed of between 1994 and 1996 (through public offerings, sales, spin-offs and mergers).[8] In 1999, Tenneco Packaging was spunoff and renamed to Packaging Corporation of America (Pactiv Corporation).[8]
On October 28, 2005 the name was changed from Tenneco Automotive to Tenneco in order to reflect the changes in markets that the company is hoping to expand into, such as heavy trucks and two-wheel (motorcycle) exhaust and suspension systems.
Tenneco (under the Tenneco Automotive name) sponsored CART's Detroit Grand Prix from 1999 until the race's cancellation after 2001.
Tenneco is a multi-national corporation with 80 manufacturing facilities in 24 countries located on 6 continents, with major centers of operations in North America, Europe, Australia and Asia. There were 19,000 employees in 2005. The North American manufacturing facilities are located in Illinois, Indiana, Michigan, Tennessee and Ohio; the corporate headquarters is located in Lake Forest, Illinois, European facilities in Belgium, Poland, Czech Republic, Germany, UK, France and Spain, with headquarters located in Belgium, Asian facilities include in India, China, Singapore and Japan, Australian Facilities are in Sydney, Morea(NZ) and Clovelly park and African Facility includes South Africa's Port Elizabeth.
Tenneco owns the following brands:
These are sold to over 500 after-market customers including retailers and wholesalers and to more than 25 OEMs, including Audi, Chrysler, Daimler, Enfield, Fiat, Ford Motor Company, General Motors, Honda, Navistar International, Jaguar Cars, Mahindra & Mahindra, Maruti Suzuki, Mazda, Mitsubishi, Nissan, Porsche, PSA Peugeot Citroën, Renault, Škoda, Suzuki, Tata, Toyota, TVS, Volkswagen Group, Volvo, E-Z-GO, and CLUB CAR.