Lake Forest, Ill.-based Tenneco Inc. (NYSE:TEN) in July announced its intention to discontinue its Marzocchi motorcycle fork suspension business and its mountain bike business, and liquidate its Marzocchi operations.
These actions are subject to a consultation process with the employee representatives and in total would eliminate approximately 138 jobs.
Tenneco intends to assist its motor bike customers with the transition of current production to an alternative supplier and expects to complete the closure by the end of 2015.
“We sincerely regret the impact these actions would have on our Tenneco Marzocchi employees and thank them for their tireless efforts to improve performance and reduce costs. Unfortunately, it was not enough to overcome continuing market challenges in the two-wheeler business,” said Brian Kesseler, chief operating officer, Tenneco. “We are committed to working with our employees’ representatives and with our customers to make the transition as smooth as possible.”
This intended action is a part of Tenneco’s efforts to optimize its Ride Performance business globally while continuously improving its operations and increasing profitability.