LAKE FOREST, Ill. — Tenneco Inc. announced that the company’s board of directors has approved a share repurchase program, authorizing the repurchase of up to 400,000 shares of the company’s outstanding common stock over the next 12 months. The repurchase program is intended to offset dilution from shares of restricted stock and stock options that were issued in 2011 to employees under Tenneco’s long-term compensation plan.
Tenneco has focused on reducing its borrowing levels and improving the company’s financial flexibility since becoming a stand-alone company. At the end of 2010, Tenneco had reduced its debt net of cash balances by $502 million over the course of the previous 10 years. While debt reduction remains a priority, the company is now in a position to expand its options for using cash.