Tenneco Inc. has finalized a deal with Delphi Automotive Systems LLC to acquire certain ride control assets and inventory at Delphi's Kettering, Ohio, site.
Tenneco has agreed to pay $10 million for Delphi's ride control components inventory, plus $9 million for certain machinery and equipment.
Tenneco also will lease a portion of the Kettering facility from Delphi. In addition, the deal gives Tenneco excess manufacturing assets.
In related news, Tenneco has entered into "a long-term supply agreement with General Motors Corp. to continue supplying passenger car shock and strut business to General Motors from the Kettering facility," say Tenneco officials.
