Tsakos Energy Navigation Ltd. - TEN STOCK NEWS

Tenneco (NYSE: TEN) has agreed to be acquired by Apollo (NYSE: APO) in an all-cash deal valued at approximately $7.1 billion, including debt. The acquisition offers Tenneco shareholders a purchase price of $20.00 per share, marking a notable 100.4% premium over the closing price on February 22, 2022. The transaction has been approved by Tenneco's Board and is expected to close in the second half of 2022, pending shareholder and regulatory approvals. Tenneco will continue to operate under its brand as a private company post-acquisition.

Tenneco will report its fourth quarter and full year 2021 financial results on February 24, 2022, prior to market opening. A conference call is scheduled for 8:30 a.m. ET on the same day to discuss the results and company outlook. The earnings report will provide insights into Tenneco's financial performance, including revenues, EPS, and future guidance. Investors can access the call via webcast on the company’s investor website.

Tenneco's CVSAe electronically controlled damping system will be featured in the Lynk & Co 09 flagship SUV, marking its debut in the Chinese market. The SUV will offer both mild hybrid and plug-in hybrid versions with all-wheel drive capabilities. Tenneco’s technology promises superior ride quality and handling by adapting to road conditions using onboard sensors. The manufacturing of this system will take place at Tenneco's Changzhou plant. Tenneco is a leading automotive products manufacturer with 2020 revenues of $15.4 billion.

Monroe recently expanded its parts coverage, now offering new part numbers for over 8 million vehicles globally, including light commercial fleet vehicles and SUVs. Notably, four new part numbers for the Monroe Magnum Strut Assembly target more than 850,000 Ford Transit LCVs. Additionally, seven new OESpectrum shocks and struts are available for over 1.4 million vehicles, enhancing ride quality and performance. Monroe aims to provide exclusive options for technicians, particularly in the LCV and CV markets.

Tenneco will participate in the Barclays Global Automotive and Mobility Tech Conference on November 17, 2021, with a virtual fireside chat starting at 9:20 a.m. Eastern. Executives Brian Kesseler and Matti Masanovich will discuss the company's outlook and strategy. The live webcast can be accessed via the Investors section of Tenneco's website, with a replay available until December 17, 2021. Tenneco reported revenues of $15.4 billion in 2020 and employs approximately 73,000 team members.

Tenneco reported a third-quarter revenue of $4.3 billion, a 2% increase year-over-year, despite a 20% decline in industry light vehicle production. Net earnings stood at $15 million or $0.17 per diluted share, improving from a net loss of $499 million in the prior year. However, third-quarter EBIT fell to $125 million, and adjusted EBITDA decreased to $279 million. The company updated its FY2021 revenue guidance to $17.75 – 17.85 billion and adjusted EBITDA to $1.25 – 1.28 billion and emphasized ongoing cost reduction efforts.

Tenneco's electronic suspension technology, CVSAe, is set to debut in China with the ZEEKR 001 premium electric shooting brake. This marks the first application of CVSAe technology manufactured in China for a major automaker. Developed by Tenneco's Advanced Suspension Technology unit, CVSAe enhances ride comfort and handling, having already been adopted by European manufacturers with over 20 million units delivered. The technology continuously adapts to road conditions, offering multiple driving modes. Production of CVSAe dampers will take place at Tenneco's facility in Changzhou, China.