U.S. auto parts supplier Tenneco (TennecoInc.) recently said that its board has approved the share repurchase program authorizing the company to repurchase within the next 12 months up to 40 million shares of outstanding common shares.

    The company said its long-term compensation program, the company in 2011 restricted stock issued to employees and stock options, and the proposed share repurchase program the company is to offset the issuance of these restricted stock and stock options the company Effect of dilutive shares resulting.

    According to reports, the company plans to use cash from operating activities, to open market transactions or privately negotiated transactions the way the shares repurchased. The company said the repurchase program without a specific time or specific circumstances implementation.

    Tenneco said the company has been committed to reducing debt levels and increase the flexibility of corporate finance activities. It is reported that at the end of 2010, Tenneco's net debt from $ 1,050,000,000 the end of 2009 decreased to 9.9 billion U.S. dollars.