Amid deteriorating financial results, auto parts manufacturer Tenneco Inc. is suspending the match for its 401(k) plan for 2009.
Before the suspension, Tenneco had matched 50% of employees salary deferrals, up to the first 8% of pay.
The suspension is part of a broad effort to reduce costs due to tough conditions in the automotive industry, according to company officials.
"We have and will continue to take aggressive actions to reduce costs, resize our operations and generate and preserve cash in order to weather this crisis," Gregg Sherrill, chairman and CEO of Lake Forest, Ill.-based Tenneco, said in a statement.
During the fourth quarter, Tenneco reported a net loss of $298 million, up sharply from a net loss of $72 million a year earlier.
Tenneco froze its defined benefit pension plan in 2007. The Tenneco 401(k) plan had $392 million in assets and the DB plan had $249 million in assets, both as of Dec. 31, 2007, according to SEC filings.