Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange) News Release
October 17, 2013
TENNECO INAUGURATES NEW MANUFACTURING FACILITY IN CHAKAN, INDIA
Tenneco Inc. (NYSE: TEN) today announced the opening of a new manufacturing facility in Chakan near Pune, India. The 13,000 sqm facility is located close to key customers in the Pune region including Volkswagen, General Motors, Tata Motors and Mahindra & Mahindra. It will produce emission control products and systems and supply ride performance products on a just in time (JIT) basis. The Chakan facility is Tenneco’s sixth manufacturing location in India.
Mr. Mahesh Kodumudi, President and Managing Director, Volkswagen India and members of Tenneco’s senior management inaugurated the facility during a ceremony earlier today.
"We are proud of this facility with its state-of-the art manufacturing processes and capabilities and efficient production lines," said Hari Nair, chief operating officer, Tenneco. "Our investment here reflects Tenneco’s commitment to India and our plans for continued growth in this dynamic market, in both the automotive and commercial vehicle industries."
The Chakan facility is equipped with the latest converter canning technology, robotic welding and assembly and highly automated muffler manufacturing lines. The facility also has a modular assembly line for ride performance products which it supplies to Pune-based OEMs. It also supplies clean air products to commercial vehicle customers SML Isuzu and Ag Tractors.
Tenneco intends to grow in Pune with the Chakan facility, which has the capacity to produce more than 2,500 exhaust systems daily. This capacity can be easily increased using available space. In addition, the company has plans to establish Chakan as the Indian hub for developing and testing technologies for India-specific clean air programs.
Sagar Hemade, managing director, Tenneco India, said: "We have the expertise and advanced technologies to meet the increasing demand from our customers for advanced aftertreatment systems to comply with stricter emissions regulations, which are driving growth here in India."
Tenneco currently employs over 350 people in Chakan. "We expect that number to increase as we grow our operations, including adding engineering capabilities, and continue to win new business," Hemade added.
Tenneco is a $7.4 billion global manufacturing company with headquarters in Lake Forest, Illinois and approximately 25,000 employees worldwide. Tenneco is one of the world’s largest designers, manufacturers and marketers of clean air and ride performance products and systems for automotive and commercial vehicle original equipment markets and the aftermarket. Tenneco’s principal brand names are Monroe®, Walker®, XNOx™ and Clevite®Elastomer.
This press release contains forward-looking statements. Words such as "intend," "anticipate," "expects," "would", "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 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) changes in consumer demand and prices, including decreases in demand for automobiles 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; (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 and (vii), the outcome of the mandatory union consultation procedures. 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 uncertainty 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, 2012.