Tenneco Reconfirms Reviews Strategic Alternatives

(RTTNews) - Tenneco Inc. (TEN) reconfirmed that it is reviewing strategic alternatives to maximize shareholder value, and adding Lazard to its existing advisor team as an independent financial advisor.

The company noted that the expectation for full year 2019 revenues is slightly higher than previously stated guidance. In addition, adjusted EBITDA, capital expenditures, depreciation/amortization, interest expense and the net leverage ratio are all expected to be in line with previously stated guidance.

Tenneco is reviewing and considering, in addition to the current plan to spin off the Company's Aftermarket and Ride Performance business or "DRiV", a full range of strategic options including the sale of DRiV and/or the Company's Powertrain Technology business. Transactions involving other individual product lines in the portfolio are also under consideration.

In Monday pre-market trade, TEN is trading at $10.20, up $0.40 or 4.08 percent.

The company also announced that it is committed to adding at least one new independent director over the course of 2020 as part of its ongoing Board refreshment process.

As previously indicated, the company is implementing a plan to accelerate the reduction of operational costs, improve cash flow performance, reduce leverage, and better position DRiV and New Tenneco for the planned separation.