Tsakos Energy Navigation Ltd. - TEN STOCK NEWS

Tenneco has launched a new range of Champion industrial spark plugs designed for high-performance applications in heavy-duty and stationary markets. The spark plugs feature an advanced ceramic formula, enhancing their electrical and mechanical strength, which improves durability and increases service intervals. Specifically, the double Iridium M14 J-Gap spark plugs are tailored for both biogas and natural gas operations. Tenneco, with a revenue of $18 billion in 2021, continues to innovate in the automotive sector.

Garage Gurus, part of Tenneco's DRiV group, has announced the winners of its 2022-2023 Automotive Technical Scholarship Program, awarding $2,500 each to 12 students pursuing automotive education. This initiative, now in its eighth year, has contributed over $230,000 in tuition support to aspiring automotive professionals. The program aims to address the shortage of skilled technicians in the automotive industry. Scholarship recipients are enrolled in accredited institutions across the U.S., enhancing their skills to succeed in the automotive repair sector.

Tenneco Inc. (NYSE: TEN) announced the launch of new Monroe Intelligent Suspension RideSense products tailored for luxury European vehicles. These products seamlessly integrate with OE electronic suspensions, allowing for customizable driving experiences. Featuring Continuously Variable Semi-Active technology, RideSense products promise enhanced control and longevity, supported by a 5-Year limited warranty. A total of 18 new part numbers are now available in the US and Canada, covering popular models like the 2015-2007 Mercedes Benz C-Class and 2010-2000 Volvo S60 AWD.

Tenneco (NYSE: TEN) reported second quarter 2022 results, with total revenue of $4.7 billion, a 2% year-over-year increase. Value-add revenue rose 6% to $3.5 billion, despite a $174 million negative currency impact. EBIT dropped to $15 million from $127 million year-over-year, while adjusted EBITDA fell to $212 million from $356 million. The company also reported a net loss of $121 million ($1.44 per diluted share), compared to a net loss of $10 million in the prior year. Tenneco aims to finalize its transaction with Apollo Funds in the second half of 2022.

Monroe, part of Tenneco's DRiV Motorparts group, has launched new part numbers for its products, broadening its coverage by over 6.5 million vehicles in operation. This includes Quick-Strut assemblies, OESpectrum shocks, Magnum struts, and Intelligent Suspension RideSense products. Monroe's offerings now cover over 1.4 million vehicles with designs tested for durability. The new products aim to enhance vehicle performance and cater to high-mileage and heavy-load vehicles, reflecting Monroe's commitment to innovation in automotive solutions.

Tenneco's FERODO Racing has launched a new range of high-performance brake pads, discs, and fluid designed for mountain, road, and eBikes. This innovative product line, showcased at Eurobike 2022, leverages FERODO's extensive experience in motorsport, promising exceptional braking precision and reliability. Key offerings include mid-metallic eBike brake pads, high-carbon steel brake discs, and DOT 4 brake fluid. With over 125 years of braking innovation, FERODO's products continue to support top racing teams globally, reflecting a commitment to performance and safety.

Tenneco's shareholders have approved the company's acquisition by affiliates of Apollo Global Management during the 2022 Annual Shareholder Meeting held on June 7, 2022. This unanimous decision by the Board of Directors aligns with Tenneco's strategic goals and is expected to finalize in the second half of 2022, pending regulatory approvals. Additionally, shareholders re-elected all director nominees and appointed PricewaterhouseCoopers LLP as the independent auditor for 2022. The company reported full-year 2021 revenues of $18 billion and approximately 71,000 employees at over 260 sites worldwide.

Tenneco has announced its collaboration with Mercedes-AMG for the 2022 SL-Class roadsters, integrating its advanced CVSA2 suspension technologies. The SL 43 and 55 models will feature CVSA2 semi-active suspension, while the SL 63 will include the enhanced CVSA2/Kinetic system. Both systems enhance driving performance and comfort through sophisticated data monitoring. This project underscores Tenneco's commitment to innovation in automotive technology, leveraging its manufacturing capabilities in Gliwice, Poland. In 2021, Tenneco reported revenues of $18 billion.