Automobile system maker Tenneco is going to be closing five facilities and laying off 500 salaried employees and 600 hourly workers. This is around 5% of the company’s work-force. Gregg Sherrill, Tenneco’s CEO, was brimming over with empathy when he issued this statement:

“We must act quickly by better aligning our operations with the new realities of the market”

What compassion!

[Yahoo Finance] Tenneco to lay off 1,100 worldwide, shut plants