LAKE FOREST, Ill. (AP) -- Auto parts supplier Tenneco Inc. said Tuesday that it will close its original equipment ride control plant in Cozad, Neb. as part of its ongoing global restructuring.
The company employs 460 hourly and 40 salaried workers at the plant.
Tenneco expects to begin transferring current customer business to other ride control operations later this year and the closure is expected to be completed in the fourth quarter of next year.
The company had originally announced plans to close one of its U.S. ride control plants as part of its restructuring announcement in October 2008, but postponed the move in January in order to preserve cash.
Tenneco expects the closing to generate $8 million in cost savings each year. It also expects to record up to $20 million in restructuring charges as a result of the move, with $11 million of those charges expected to be recorded in the third quarter of this year.