Times Staff and Wire Reports

Tenneco Buying Mobil Corp.'s Plastics Unit: Tenneco Inc. said it is buying the Rochester, N.Y.-based maker of Baggies food storage bags and Hefty trash bags for $1.27 billion. The purchase is Tenneco's biggest move yet in a 3-year-old effort to rearrange its four main businesses, but Chairman and Chief Executive Dana Mead said it will not be the last. Mead said Tenneco is working on an acquisition for its auto parts division and that he hopes to complete the deal by the end of the year. The company, now based in Houston but preparing to move to Greenwich, Conn., has cut its stake in farm equipment maker Case Corp. to 21% and sold its chemicals business, raising nearly $2 billion.

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