Tenneco Automotive Inc. (ticker: TEN, exchange: New York Stock Exchange) News Release
November 29, 1999
TENNECO AUTOMOTIVE AND DRAFTEX S.A. SIGN AN AGREEMENT TO DEVELOP AND MARKET ELASTOMERIC PRODUCTS FOR ORIGINAL EQUIPMENT MANUFACTURERS IN EUROPE
LAKE FOREST, Ill.--(BUSINESS WIRE)--Nov. 29, 1999--Tenneco Automotive and Draftex S.A., France, an affiliate of The Laird Group Plc. of the United Kingdom, have reached an agreement to jointly develop and market elastomeric products for global automotive platforms to European based original equipment (OE) makers. The two companies have opened a joint development office in Stuttgart, Germany.
"Our collaboration has the potential to develop a variety of new elastomeric products for European and global platforms, that combine and utilize the advanced technologies of both companies on several continents," said Mark P. Frissora, president and CEO of Tenneco Automotive.
"This agreement benefits both our companies and should result in the development of a larger portfolio of new and proven products and services to supply automakers in Europe," said Philippe Couillaud, president of Draftex S.A. France.
Draftex S.A. and Tenneco Automotive consummated a licensing agreement earlier this year to manufacture and sell elastomeric products throughout South America and Mexico. That agreement combined the elastomer products and manufacturing technologies of both companies to provide products to OE customers operating in the Americas.
Tenneco Automotive is a $3.2 billion manufacturing company headquartered in Lake Forest, Ill., with 24,000 employees worldwide. Tenneco Automotive is one of the world's largest producers and marketers of ride control and exhaust systems and products, which are sold under the Monroe(R) and Walker(R) global brand names. Among its products are Sensa-Trac(R) shocks and struts, Rancho(R) shock absorbers, Walker(R) Quiet-Flow(TM) mufflers and DynoMax(TM) performance exhaust products, and Monroe(R) Clevite(TM) vibration control components.
Draftex is the automotive branch of the Euros two billion, UK based Laird Group which employs over 13,000 people worldwide. Draftex, with over 9,000 employees in 30 plants in 14 countries, is a leading designer and supplier of automotive polymer based systems. The principal areas of activity are chassis, engine and body systems. The main competencies and functions treated by Draftex are sealing, anti-vibration and acoustic (NVH), engine and cabin thermal transfer, air and fuel intake.