Lake Forest, IL December 6, 2012 - Tenneco (NYSE: TEN) and Cormetech Inc. today announced that they have signed a joint development agreement to collaborate on designing ultra-large diameter selective catalytic reduction (SCR) catalysts for marine engine applications.
The MARPOL Annex VI and EPA Tier IV regulations require an 80% reduction in NOx emissions, thus driving the need for engines to include aftertreatment strategies such as SCR. Tenneco’s SCR solution, incorporating the Cormetech catalyst, will be designed to help the marine industry comply with the new emission regulations.
“Tenneco is an established leader in designing and developing diesel aftertreatment solutions, supplying commercial vehicle and engine manufacturers globally,” said Tim Jackson, Tenneco chief technology officer. “We are pleased to partner with Cormetech to develop a unique aftertreatment solution for marine engine manufacturers, leveraging our aftertreatment technology and engineering capabilities in this market.”
“For more than 20 years, Cormetech has provided reliable state-of-the-art SCR catalyst for the reduction of NOx emissions. We are excited about this collaboration with Tenneco. The joint development takes advantage of the synergistic capabilities of Tenneco and Cormetech to meet the needs of customers in the marine sector” stated Chris DiFrancesco, Vice President and Chief Technology Officer for Cormetech.
Tenneco is a $7.2 billion global manufacturing company with headquarters in Lake Forest, Illinois and approximately 24,000 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 and commercial vehicle original equipment markets and the aftermarket. Tenneco markets its products principally under the Monroe®, Walker® and Clevite® Elastomer brand names.
Cormetech is a joint equity company of Corning Incorporated and Mitsubishi Heavy Industries. Cormetech designs, manufactures, and tests catalyst used to reduce NOx emissions. Cormetech is the industry’s leading technology solution provider, developing and applying highly reliable and cost effective SCR performance with unparalleled customer service. Every day, all over the world, Cormetech delivers cleaner air through innovation.
This press release contains forward-looking statements. Words such as “anticipate,” “expects,” "will", "continue" 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 or commercial vehicle manufacturers' production rates and their actual and forecasted requirements for the company's products, including the company's resultant inability to realize the sales represented by its awarded book of business; (ii) any change in customer demand due to delays in the adoption or enforcement of worldwide emissions regulations or any other changes in consumer demand and prices, including decreases in demand for automobiles or commercial vehicles which include the company's products, and the potential negative impact on the company's revenues and margins from such products; (iii) the general political, economic and competitive conditions in markets where the company and its subsidiaries operate; (iv) workforce factors such as strikes or labor interruptions; (v) material substitutions and increases in the costs of raw materials; and (vi) 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. 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 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, 2011.
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