“We believe the timing is now right to capture the value of this business, especially in light of industry consolidation and the anticipated improvement in longer-term market conditions,”
“[Tenneco said its outlook for 1999 remains positive.] Retail trends indicate that sales of Tenneco products are increasing and beginning to open up inventory channels, ... The original equipment business continues to grow significantly as we introduce more of our parts on more platforms amid a good outlook for vehicle production in North America and Europe and recovery in Asia.”
“This is the final turn in the long road of the Tenneco transformation from a debt-ridden conglomerate of underperforming companies to a lineup of independent, 'pure play' growth companies,”
“These announcements are the latest steps in Tenneco's five-year transformation, ... We are now at a point in our evolution where we must again ensure that the company is structured to provide the greatest value to our shareowners.”
