Tenneco Automotive Inc. (ticker: TEN, exchange: New York Stock Exchange) News Release
April 17, 2003
KWIK-FIT SELECTS TENNECO AUTOMOTIVE'S MONROE® RANGE OF SHOCK ABSORBERS FOR ITS 900 UK FAST-FIT OUTLETS
Exclusive UK market agreement expands Tenneco Automotive's leading supplier status with Kwik-Fit Europe-wide
BIRMINGHAM, ENGLAND, APRIL 17, 2003 - Tenneco Automotive (NYSE: TEN) announced today that it has been chosen by Kwik-Fit as its exclusive supplier of shock absorbers for the UK, effective immediately. Terms of the deal are not being disclosed.
"We are very pleased to expand our relationship with Kwik-Fit and add incremental new business," said Mark P. Frissora, chairman and CEO, Tenneco Automotive. "We are working to grow our aftermarket business by expanding our customer base with new and existing customers, leveraging our premium brands and introducing new products to the market."
Tenneco Automotive currently supplies Kwik-Fit companies in other countries - Speedy in France and Pit-Stop in Germany - with its Monroe Reflex®, Sensa-Trac® and Original™ shock absorber product range, as well as its Walker® brand of exhaust products.
Tim Parker, Chief Executive Officer, Kwik-Fit, said: "The market for ride control products continues to present a great many opportunities for Kwik-Fit and we are pleased to be partnering with Tenneco Automotive and its Monroe® Original™ brand."
Don Miller, Vice President and General Manager, Tenneco Automotive Aftermarket Europe, says: "Based on our experience with Kwik-Fit companies elsewhere in Europe, we are confident that our Monroe® products will have a significant impact on increasing Kwik-Fit's UK share of this market. The combination of Kwik-Fit's customer service ethos and its enormous level of UK consumer recognition, together with our comprehensive Monroe® marketing programs, will create significant opportunities in ride control growth for both companies."
Tenneco Automotive will supply Kwik-Fit in the UK from its manufacturing plant in Sint Truiden, Belgium.
Tenneco Automotive is a $3.5 billion manufacturing company with headquarters in Lake Forest, Illinois. The company employs approximately 19,600 employees worldwide. Tenneco Automotive is one of the world's leading manufacturers and marketers of automotive ride and emission control products and systems. Tenneco Automotive's brands include Monroe®, Walker®, Gillet® and Fonos®, trademarks of Tenneco Automotive.
Kwik-Fit operates from more than 1,900 service points across Europe and includes Speedy, in France and Spain, and Pit-Stop in Germany. The company services the requirements of almost 7.5 million motorists a year.
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