SKOKIE, IL – Tenneco, Inc announced Thursday results for the second quarter ended June 30, 2022.
Tenneco reported a loss of $121 million in its second quarter with a per share loss of $1.44.
The Skokie based auto parts maker also reported second quarter total revenue of $4.7 billion, up 2% year-over-year. In addition, Tenneco reported a Value-add revenue of $3.5 billion, up 6% year-over-year excluding a negative currency impact of $174 million.
On the downside, Tenneco reported a net loss of $121 million, or a loss of $1.44 per diluted share. In addition, a second quarter 2022 adjusted net loss of $69 million, or a loss of $0.82 per diluted share, was reported.
“Lower volumes, inconsistent production schedules, and inflationary cost pressures created a challenging business environment in the second quarter,” said Brian Kesseler, Tenneco CEO. “The team’s solid progress on inflationary cost recovery coupled with other operational cost and cash optimization actions set the business up well to capitalize on S&P Global Mobility forecasts for improving light vehicle production in the second half of the year and entering 2023.”
TOKYO – Japanese officials protested the incursion of five ballistic missiles, launched by China, that landed in Japan’s exclusive economic zone on Thursday.
Japanese defense minister Nobuo Kishi said that China launched a large-scale military exercise on Thursday that included the firing of live ammunition in areas surrounding Taiwan.
“To have five Chinese missiles fall within Japan’s EEZ like this is a first. We have protested strongly through diplomatic channels. This is a serious problem that concerns Japan’s security and the safety of our citizens. We strongly condemn this action,” Kishi said at a news conference.
The Japanese EEZ spans some 200 nautical miles from the outer limits of Japan’s territorial seas.
The military exercise comes two days after US House Speaker Nancy Pelosi visited Taiwan, the highest-ranking U.S. official to visit in 25 years.
According to Chinese state controlled media, the military exercises are being conducted to simulate an air and sea blockade of Taiwan.
In response, Taiwan’s defense ministry said in a statement that its military was remaining at “normal” readiness and called the live-fire drills “irrational” and Taiwan forces “. . . will act appropriately,” when responding to any challenge.
LAKE IN THE HILLS, IL – Lake in the Hills made an agreement with a local bakery to allow the hosting of events after threatening to fine the business due to zoning laws.
According to the American Civil Liberties Union of Illinois, the agreement allows UpRising Bakery and Cafe to reschedule the “drag brunch” that was canceled after the establishment was vandalized. Lake in the HIlls has also allowed UpRising to hold other events in the future.
Lake in the Hills officials had first threatened to fine UpRising since entertainment events were considered a violation of zoning laws and would cite the business with multiple code violations.
“We are elated to have come to a mutual agreement with the Village of Lake in the Hills,” the owner of UpRising Bakery said in an ACLU statement.
In July, UpRising planned to host a “drag brunch” designed for juveniles. The announcement of the event caused an outlash from members of the public. UpRising received multiple insults, threats, and vandalism which caused the event to be canceled.
Lake in the Hills later threatened to fine UpRising $750 per day and suspend business and liquor licenses after they received complaints from angry citizens in addition to the event being considered a violation of zoning laws.
According to UpRising, past community events held at the bakery never brought this much pressure nor threats of fines from Lake in the Hills. The ACLU accused Lake in the Hills of violating UpRising’s rights and being retaliatory in their actions.
“Today’s agreement ensures an equitable and fair resolution moving forward, and recognizes that violent extremists cannot dictate the discussion in our society,” Kevin Fee, an ACLU attorney said in a statement.
MEXICO CITY – Ten coal miners are trapped in a flooded coal mine after an inner wall collapsed Wednesday.
Mexican authorities and first responders are working fervently to save the ten miners. According to the Security and Citizen Protection Ministry, three miners have been rescued and sent to an area hospital.
Mexican President Andres Manuel Lopez Obrador said via Twitter “At 1:35 p.m. there was a landslide in a coal mine in the municipality of Sabinas, Coahuila, which caused a sinkhole to be flooded . . . I hope we find them safe.”
EVANSTON, IL – A teen was arrested Monday after allegedly being intoxicated and in possession of a loaded firearm.
According to police, officers responded to a call of a male passed out in the Tot Lot located at Clyde-Brummel Park around 10:45 am. On scene, officers discovered a 17-year-old male that appeared to be under the influence and unresponsive.
In an effort to identify the teen, officers searched his belongings which led to the discovery of a loaded firearm.
Paramedics were dispatched to the scene and were able to awaken the teen who then identified himself to police. The teen was later treated and taken into custody for unlawful use of a firearm.
NEW YORK – Investment firm Kohlberg Kravis Roberts & Co announced Tuesday an agreement to sell Minnesota Rubber and Plastics to Trelleborg Group for $950 million.
KKR purchased MRP, a leader in engineered polymer solutions, in November 2018 and ushered in an employee ownership program which has driven MRP to outperform in its industry. KKR also invested in the construction of MRP’s new global innovation center which contributed to safety improvements, waste reduction, and earning growth.
MRP employees, some 1,400, across six countries and four US states will receive cash payouts upon closing of the transaction. Payouts will be based on tenure and employment status.
“I am proud to have worked alongside MRP colleagues who have contributed in so many ways to the Company’s performance. Together we have been able to deliver the fantastic results that made this sale possible. This is a great outcome for all employee owners and our limited partners in KKR’s Americas XII Fund.” said Josh Weisenbeck, Partner at KKR.
“MRP shows the power of building an ownership culture, something we believe many more companies can replicate, and the potential of the shared ownership movement. Trelleborg is a great cultural fit for MRP and the ideal strategic partner. As part of Trelleborg, MRP will continue to be an employee-centric organization with exciting opportunities for continued innovation and global growth.” said Pete Stavros, Co-Head of Americas Private Equity at KKR.
MRP management is expected to be retained to operate the company under Trelleborg’s ownership.