Tenneco announced that it has completed the realignment of some of the company’s foreign subsidiaries, a move designed to more effectively align the company’s U.S. and European assets and revenues with liabilities and expenses in the appropriate local currencies. The company has formed a Luxembourg holding corporation, which has become the owner of certain key European entities. The realignment will also provide opportunities to reduce the company’s cash taxes by about US$4 million annually and allow Tenneco to accelerate the use of its U.S. net operating losses. The realignment of the European ownership structure is another step in Tenneco’s financial strategy toward earning an investment grade debt rating. The company’s European operations have significantly improved since the original debt structure was established when the company became independent in 1999. “We are very pleased to complete these transactions, which represent strategic steps in our transition from a highly leveraged company to achieving an investment grade rating. “This European structure change allows us to more appropriately apportion our debt,” said Gregg Sherrill, Tenneco chairman and CEO. Tenneco is a US$4.7 billion manufacturing company with headquarters in Lake Forest, Illinois and approximately 19,000 employees worldwide.