Exhibit 99.1

Tenneco Reports Record Fourth Quarter and Full-Year 2010 Financial Results

• Record-high 4Q revenue of $1.577 billion
• Record-high EBIT for 4Q and full-year 2010
• Lowest-ever debt net of cash at $990 million
• Global OE revenues of $5.9 billion projected in 2011 and $7.1 billion in 2012, reflecting growth in light and commercial vehicle volumes and content

LAKE FOREST, Ill.--(BUSINESS WIRE)--February 3, 2011--Tenneco Inc. (NYSE:TEN) reported a fourth quarter net loss of $18 million, or 31-cents per diluted share. The net loss was primarily due to re-financing costs and tax charges in the quarter. Adjusted for the items below, net income increased to $19 million, or 31-cents per diluted share, on a higher share count. Fourth quarter 2009 net income was $17 million, or 32-cents per diluted share, and adjusted net income was $7 million, or 13-cents per diluted share. The tables in the press release reconcile GAAP results to non-GAAP results.

EBIT (earnings before interest, taxes and noncontrolling interests) increased to $62 million from $53 million in fourth quarter 2009. Adjusted for the items below, EBIT was $68 million, up 19% over $57 million a year ago. A 20% increase in global OE revenue, driven by higher production volumes, and a 15% increase in global aftermarket sales drove the EBIT improvement. Partially offsetting the revenue benefit was $10 million in fourth quarter accruals, representing 10-cents per diluted share, for deferred and long-term compensation indexed to the company’s stock price, which rose 42% in the quarter.

“We delivered strong fourth quarter and full-year results including double-digit increases in OE and aftermarket revenue and record-high earnings. Our earnings and cash performance drove our net debt to below $1 billion for the first time in our history,” said Gregg Sherrill, chairman and CEO, Tenneco. “Going forward, our goal is to leverage our significant top-line growth by staying focused on our operations including executing on new business launches, while continuing to generate cash.”

Adjusted fourth quarter 2010 and 2009 results:

Fourth quarter 2010 adjustments:

• Restructuring and related expenses of $4 million pre-tax, or 6-cents per diluted share;
• A charge of $2 million pre-tax, or 2-cents per diluted share, related to an actuarial loss for a lump-sum pension payment;
• Costs of $21 million pre-tax, or 22-cents per diluted share, related to refinancing the company’s 8 5/8 percent notes with new 6 7/8 percent notes;
• Non-cash tax charges of $20 million, or 32-cents per diluted share, primarily related to the impact of recording a valuation allowance against the tax benefit for losses in the U.S. and certain foreign jurisdictions.

Fourth quarter 2009 adjustments:

• Restructuring and related expenses of $4 million pre-tax, or 4-cents per diluted share;
• A $13 million, or 23-cents per diluted share, non-cash tax benefit primarily related to adjustments to valuation allowances for deferred tax assets net of the impact of not benefiting U.S. and foreign tax losses.

REVENUE

Revenue increased to a fourth quarter record high of $1.577 billion, compared with $1.322 billion a year ago, driven by higher global aftermarket sales and strong OE production volumes. Excluding substrate sales and the impact of $21 million in negative currency, revenue increased 20% to $1.229 billion from $1.027 billion in fourth quarter 2009.

EBIT, GROSS MARGIN AND SGA&E

EBIT of $62 million in the quarter generated a 3.9% EBIT margin, versus 4.0% a year ago. Adjusted for the items above, EBIT margin was 4.3% in each year. EBIT margin benefited from increased sales in the original equipment and aftermarket businesses and related manufacturing efficiencies as well as materials cost management. These improvements were offset by higher SGA&E (selling, general, administrative and engineering) expense in the quarter due to a $17 million increase in performance-based compensation costs, including higher accruals for stock-indexed compensation.

North America adjusted EBIT margins showed strong year-over-year improvement – up 1.2 percentage points - on higher sales and related manufacturing efficiencies. In Europe, South America and India, the positive impact of volume gains and manufacturing efficiencies on EBIT margins were more than offset by changes in mix, including substrates and significant incremental business on new C-segment platforms, the effect of negative currency and higher alloy surcharge recoveries. As a result adjusted EBIT margin for the segment declined 0.8 of a percentage point. China delivered strong year-over-year improvement on higher volumes; however, significant volume declines in Australia and manufacturing inefficiencies associated with transitioning some production capacity from Australia to the company’s operations in Thailand resulted in Asia Pacific adjusted EBIT margin declining 1.6 percentage points.

The above factors, together with a change in the company’s mix between OE and aftermarket generated revenue, impacted gross margin, which was 16.0% in the fourth quarter, versus 17.4% a year ago.

SGA&E expense in the quarter was $137 million, versus $113 million in fourth quarter 2009. The increase was primarily driven by the $17 million increase in incentive compensation costs and the $2 million charge for a lump-sum pension payment. SGA&E expense as a percent of sales was 8.7% compared with 8.5% last year. For the full-year, SGA&E decreased to 9.0% from 9.5% in 2009.

CASH

Cash generated by operations in the quarter was $180 million, up from $133 million a year ago, largely driven by $52 million in cash from working capital improvements. For full-year 2010, even with a greater demand on working capital to support higher revenues, the company generated $244 million in cash from operations.

Capital expenditures in the quarter were $63 million, bringing total 2010 spending to $154 million, or about 2.6% of total revenue, below the historical range of 3.0% to 3.5%. The fourth quarter increase versus $47 million a year ago included investments in programs for light and commercial vehicle customers and in expanding markets.

DEBT

At December 31, 2010, Tenneco’s debt net of cash was $990 million, down from $1.053 billion at the end of 2009.

The company’s strong earnings and cash flow performance resulted in an all-time low leverage ratio (net debt to adjusted EBITDA including noncontrolling interests) of 1.9x, which was also significantly improved from the leverage ratio of 3.1x at December 31, 2009.

FULL YEAR 2010 RESULTS

Tenneco reported annual revenue of $5.937 billion, up 28% from $4.649 billion in 2009. Excluding substrate sales and the impact of currency, revenue increased 26% to $4.638 billion, versus $3.683 billion the prior year. OE production volume increases globally, strong aftermarket sales and successfully launching new light and commercial vehicle programs drove the company’s revenue growth in 2010.

The company reported net income of $39 million, or 63-cents per diluted share, up from a net loss of $73 million, or $1.50 per diluted share, in 2009. Adjusted for the items below, net income rose to a record-high $96 million, or $1.57 per diluted share, versus a net loss of $29 million, or 59-cents per diluted share a year ago.

Tenneco reported its highest-ever EBIT and EBITDA including noncontrolling interests. For the year, EBIT was $281 million ($306 million adjusted), versus $92 million ($118 million adjusted) in 2009. 2010 EBITDA including noncontrolling interests was $497 million ($517 million adjusted), compared with $313 million ($335 million adjusted) in the prior year. Adjustments to EBIT and EBITDA including noncontrolling interests are in the table below.

OUTLOOK

For 2011, IHS Automotive forecasts that OE light vehicle production will be up in every region, compared with 2010. In North America, production is expected to be about 12.7 million units, up 7%. In Europe, production is estimated to be roughly 19.8 million units, a 3% rise. China will also be up with OE light vehicle production predicted to increase by 7% to 18.0 million units. Other markets including South America, India and Australia are all expected to show year-over-year production increases as well. According to Power Systems Research, in 2011, Class 4-8 on-road commercial vehicle production is expected to increase in North America to 360,000 units; in Europe to 499,000 units; and to 188,000 units in Brazil. China commercial vehicle production is forecasted to be a little over one million units. Off-road commercial vehicle production in 2011 is forecasted to be 210,000 units in the U.S, and 390,000 units in Europe.

“We view 2011 with optimism given a stronger OE production environment globally and the aftermarket continuing its solid performance. In addition to leveraging higher production volumes, we are launching new commercial vehicle emission control business throughout the year,” said Sherrill. “Our performance this year will be driven by execution on our revenue growth opportunities, while continuing to drive operational excellence.”

In 2010, Tenneco’s global original equipment revenue was $4.8 billion, $0.4 billion of which was commercial and specialty vehicle (CVS) revenue. Substrate sales were 27% of OE revenue in 2010. Tenneco estimates that its global original equipment revenue will be approximately $5.9 billion in 2011 and $7.1 billion in 2012, of which $0.8 billion in 2011 and $1.6 billion in 2012 are expected to be CVS revenue. Substrate sales are expected to make up 29% of the total OE revenue each year.

The company expects its global original equipment revenue will increase to between $9.5 billion and $11 billion by 2015, of which 30% to 35% is expected to be CVS revenue. Substrate sales are expected to be 32% of OE revenue by 2015.

Tenneco’s OE growth will be driven by leveraging the increases in OE production volumes globally and the launch of significant commercial vehicle emission control business. Between 2010 and 2012, Tenneco is launching multiple programs with 13 different commercial vehicle customers – truck and engine manufacturers – to help customers meet new emissions regulations for on and off-road commercial vehicles. Those customers include: Caterpillar, John Deere, Navistar, Deutz, China National Heavy Truck Company, Shanghai Diesel Engine Company, Weichai Power, FAW, Guangxi Yuchai Machinery Company, and four customers yet to be announced.

Additional 2011 Guidance:
Capital expenditures are expected to be $190 million to $210 million
Annual interest expense is expected to be about $105 million
Cash taxes are expected to be $75 million to $90 million.

FOURTH QUARTER REPORTING SEGMENT RESULTS
NORTH AMERICA

• Higher production volumes on Tenneco-supplied vehicles such as the Ford F-150, Ford Super Duty, Chevrolet Equinox and GM Silverado drove the year-over-year revenue increase, outperforming an 8% increase in industry light vehicle production.*
• Aftermarket revenue was up on higher sales volumes due to strong market demand for both ride and emission control products.
• EBIT for North America operations was up 80% to $27 million, versus $15 million a year ago, driven by higher OE production volumes and aftermarket sales, partially offset by higher performance-based compensation expense and costs associated with the ramp-up of new business. 2010 EBIT includes $3 million in positive currency.
• Adjusted EBIT increased 72% to $31 million, versus $18 million a year ago.
  • Fourth quarter 2010 EBIT includes $2 million in restructuring expense and $2 million for a pension charge.
  • Fourth quarter 2009 EBIT includes $3 million in restructuring expense.

EUROPE, SOUTH AMERICA AND INDIA

• Europe OE revenue was driven by strong volumes on vehicles such as the Audi A1, VW Transporter, Daimler Sprinter and the BMW 1 and 3 Series, significantly outpacing a 5% increase in industry light vehicle production.*
• Higher ride and emission control sales volumes drove the increase in Europe aftermarket revenue, excluding negative currency.
• Combined South America and India revenue increased on higher OE volumes, primarily in Argentina and India.
• EBIT for Europe, South America and India was $19 million, versus $21 million a year ago. Higher production volumes and manufacturing efficiencies were more than offset by higher performance-based compensation expense and the impact of $7 million in negative currency.
• Adjusting for $1 million in restructuring in each quarter, fourth quarter 2010 EBIT was $20 million, compared with $22 million a year ago.

ASIA PACIFIC

• Asia revenue was up on strong OE production volumes in China including increases on key GM and Audi platforms.
• Australia revenue decreased on declining industry conditions but performed better than the industry light vehicle production decline of 32%*.
• Asia Pacific EBIT was $16 million, versus $17 million a year ago. Continued strong volume growth in China was more than offset by higher performance-based compensation expense, the sharp decline in OE production in Australia and manufacturing inefficiencies associated with transitioning some production capacity from Australia to Thailand. EBIT included $1 million in positive currency.
• Adjusted for $1 million in restructuring in fourth quarter 2010, EBIT was $17 million in the fourth quarter of each year.

*IHS Automotive production estimates, January 2011

Attachment 1
Statements of Income (Loss) – 3 Months
Statements of Income (Loss) – 12 Months
Balance Sheets
Statements of Cash Flows – 3 Months
Statements of Cash Flows – 12 Months
Attachment 2
Reconciliation of GAAP Net Income to EBITDA including noncontrolling interests – 3 Months
Reconciliation of GAAP to Non-GAAP Earnings Measures – 3 Months
Reconciliation of GAAP Net Income to EBITDA including noncontrolling interests – 12 Months
Reconciliation of GAAP to Non-GAAP Earnings Measures – 12 Months
Reconciliation of GAAP Revenue to Non-GAAP Revenue Measures – 3 Months
Reconciliation of GAAP Revenue to Non-GAAP Revenue Measures – 12 Months
Reconciliation of GAAP Revenue to Non-GAAP Revenue Measures – 3 and 12 Months
Reconciliation of Non-GAAP Measures – Debt Net of Cash/Adjusted EBITDA including noncontrolling interests
Reconciliation of GAAP Revenue to Non-GAAP Revenue Measures – Original Equipment and Aftermarket Revenue – 3 and 12 Months

REVENUE ASSUMPTIONS

Revenue estimates in this release are based on OE manufacturers’ programs that have been formally awarded to the company; programs where Tenneco is highly confident that it will be awarded business based on informal customer indications consistent with past practices; Tenneco’s status as supplier for the existing program and its relationship with the customer; and the actual original equipment revenues achieved by the company for each of the last several years compared to the amount of those revenues that the company estimated it would generate at the beginning of each year. These revenue estimates are also based on anticipated vehicle production levels and pricing, including precious metals pricing and the impact of material cost changes. The revenue estimates assume that foreign currency exchange rates will remain constant over the entire period.

CONFERENCE CALL

The company will host a conference call on Thursday, February 3, 2011 at 9:00 a.m. ET. The dial-in number is 800-779-2652 (domestic) or 212-287-1845 (international). The passcode is TENNECO. The call and accompanying slides will be available on the financial section of the Tenneco web site at www.tenneco.com. A recording of the call will be available one hour following completion of the call on February 3, 2011 through March 3, 2011. To access this recording, dial 888-562-6475 (domestic) or 203-369-3494 (international). The purpose of the call is to discuss the company’s operations for the quarter, as well as other matters that may impact the company’s outlook. A copy of the press release is available on the financial and news sections of the Tenneco web site.

2011 ANNUAL MEETING

The Tenneco Board of Directors has scheduled the corporation’s annual meeting of shareholders for Wednesday, May 18, 2011 at 10:00 a.m. CT. The meeting will be held at the corporate headquarters, 500 North Field Drive, Lake Forest, Illinois. The record date for shareholders to vote at the meeting is March 21, 2011.

Tenneco is a $5.9 billion global manufacturing company with headquarters in Lake Forest, Illinois and approximately 22,000 employees worldwide. Tenneco is one of the world’s largest designers, manufacturers and marketers of emission control and ride control products and systems for the automotive original equipment market and the aftermarket. Tenneco markets its products principally under the Monroe®, Walker®, Gillet™ and Clevite®Elastomer brand names.

This press release contains forward-looking statements. Words such as “may,” “expects,” “anticipate,” ”projects,” “will,” and “outlook” and similar expressions identify forward-looking statements. These forward-looking statements are based on the current expectations of the company (including its subsidiaries). Because these forward-looking statements involve risks and uncertainties, the company's plans, actions and actual results could differ materially. Among the factors that could cause these plans, actions and results to differ materially from current expectations are:

(i) changes in automotive manufacturers' production rates and their actual and forecasted requirements for the company's products such as the significant production cuts during recent years by automotive manufacturers in response to difficult economic conditions;

(ii) the company's resultant inability to realize the sales represented by its awarded book of business which is based on anticipated pricing for the applicable program over its life, and is subject to increases or decreases due to changes in customer requirements, customer and consumer preferences, and the number of vehicles actually produced by customers;

(iii) increases in the costs of raw materials, including the company’s ability to successfully reduce the impact of any such cost increases through materials substitutions, cost reduction initiatives, customer recovery and other methods;

(iv) the cyclical nature of the global vehicular industry, including the performance of the global aftermarket sector, and changes in consumer demand and prices, including longer product lives of automobile parts and the cyclicality of automotive production and sales of automobiles which include the company's products, and the potential negative impact on the company's revenues and margins from such products;

(v) the company's continued success in cost reduction and cash management programs and its ability to execute restructuring and other cost reduction plans and to realize anticipated benefits from these plans;

(vi) the general political, economic and competitive conditions in markets and countries where the company and its subsidiaries operate, including the strength of other currencies relative to the U.S. dollar and currency fluctuations and other risks associated with operating in foreign countries;

(vii) governmental actions, including the ability to receive regulatory approvals and the timing of such approvals;

(viii) changes in capital availability or costs, including increases in the company's costs of borrowing (i.e., interest rate increases), the amount of the company's debt, the ability of the company to access capital markets at favorable rates, and the credit ratings of the company’s debt;

(ix) the cost and outcome of existing and any future legal proceedings, and the impact of changes in and compliance with laws and regulations, including environmental laws and regulations and the adoption of the current mandated timelines for worldwide emissions regulations;

(x) workforce factors such as strikes or labor interruptions;

(xi) the company's ability to develop and profitably commercialize new products and technologies, and the acceptance of such new products and technologies by the company's customers and the market;

(xii) further changes in the distribution channels for the company's aftermarket products, further consolidations among automotive parts customers and suppliers, and product warranty costs;

(xiii) changes by the Financial Accounting Standards Board or other accounting regulatory bodies to authoritative generally accepted accounting principles or policies;

(xiv) changes in accounting estimates and assumptions, including changes based on additional information;

( xv) acts of war and/or terrorism as well as actions taken or to be taken by the United States or other governments as a result of further acts or threats of terrorism, and the impact of these acts on economic, financial and social conditions in the countries where the company operates; and

(xvi) the timing and occurrence (or non-occurrence) of transactions and events which may be subject to circumstances beyond the control of the company and its subsidiaries.

The company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. Additional information regarding these risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its report on Form 10-K for the year ended December 31, 2009.

CONTACT:
Tenneco Inc.
Jane Ostrander, 847-482-5607
Media inquiries
jostrander@tenneco.com
Linae Golla, 847-482-5162
Investor inquiries
lgolla@tenneco.com