Tenneco announces pension freeze plan

Thursday, August 24, 2006 NATION Tenneco announces pension freeze plan LAKE FOREST, Ill. — Car parts maker Tenneco Inc. said Wednesday it is freezing its defined benefit pension plans for nearly all of its U.S. workers, joining a trend in the automotive industry. Tenneco will instead offer workers a defined contribution plan, which typically takes the form of a 401(k). The freeze is to take effect at the end of the year with the new plan starting immediately thereafter, the company said in a filing with the Securities and Exchange Commission. Tenneco, the maker of Monroe brand shocks and Sensa-Trac struts, said it expects the pension freeze to save about $11 million pre-tax per year. Gateway shareholder makes unsolicited offer IRVINE, Calif. — Gateway Inc. has received an unsolicited offer from eMachines founder Lap Shun Hui to acquire the computer and printer maker's retail operations for $450 million. China-born entrepreneur Hui sold low-cost PC maker eMachines to larger rival Gateway in early 2004 for about $290 million in cash and stock. He is now Gateway's second-largest shareholder, behind company founder Ted Waitt, and has previously expressed interest in buying Gateway and taking it private. Associated Press