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Tenneco board OKs buyback of up to 400,000 shares

Tenneco board approves repurchase of up to 400,000 shares over the next year

Associated Press

LAKE FOREST, Ill. (AP) -- Tenneco will buy as many as 400,000 of its own shares over the next year.

The auto parts maker said Thursday that the program is intended to offset dilution from shares of restricted stock and stock options issued to employees this year under its compensation plan. It has about 25,000 employees globally.

Tenneco Inc., which is based in Lake Forest, Ill., has completed similar buybacks in each of the past three years.