Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange) News Release
May 31, 2006
TENNECO LAUNCHES RETROFIT DIESEL PARTICULATE FILTER (DPF) FOR THE INDEPENDENT AFTERMARKET
Company leverages expertise in OE diesel technology into the aftermarket
KATOWICE, Poland, MAY 31, 2006 - Tenneco Inc. (NYSE: TEN) announced today that it will launch a retrofit diesel particulate filter (DPF) for the European independent aftermarket in advance of the introduction of European Union (EU) legislation and tax incentives on retrofit units that come into effect in The Netherlands this July.
The Tenneco Walker® DPF features an innovative lightweight foam filter coated with precious metals and combines the catalytic converter and DPF into one unit. This allows installers to quickly and easily replace the catalytic converter with the DPF without adding additional weight and without disturbing the vehicle's entire NVH (noise, vibration, harshness) profile.
"Tenneco has delivered over 1 million original equipment (OE) DPF units to the European car manufacturers since it produced the first DPF for the Peugeot 406 in 2000," said Mark P. Frissora, Chairman and CEO, Tenneco Inc. "Our position as a leading supplier to both the car manufacturers and the aftermarket makes the introduction of retrofit technology a natural step for us in consolidating our position as Europe's leading manufacturer of emission control technologies."
"With EU pressure on reducing emission limits growing, we see significant potential for a fully-homologated, highly efficient retrofit product that offers consumers the opportunity to benefit from tax reduction incentives while avoiding potential driving bans in the event of particulate matter alerts," Frissora said. "In addition, the presence of a retrofit DPF has the potential to increase the resale value of older cars."
The installer community will benefit from extensive coverage with product available for virtually all diesel vehicles on the market today. Walker DPFs are fully-homologated and come with installation certificates to facilitate consumer access to EU tax incentives. Installation is easy as there is no need to involve the engine electronics. The size of the European diesel car parc makes retrofit DPFs a significant new aftermarket business opportunity.
Tenneco was one of the first global suppliers to offer both additive and catalyst-coated diesel particulate filter technologies in series production for Europe's vehicle manufacturers. It first began production of original equipment diesel particulate filter technology in 2000 in conjunction with PSA Peugeot-Citroën for the Citroën C5 and Peugeot 406 diesel passenger vehicles. Today the company supplies DPF for DaimlerChrysler's Mercedes-Benz C-Class, E-Class and CLK passenger cars, Jaguar S-Type, VW Sharan and the Audi A6 and A4. The company also continues to supply PSA on its new Peugeot 407, Peugeot 807, Citroën C5 and C8, Fiat Ulysse and Lancia Phedra models.
Tenneco will manufacture its Walker® DPF at its emission control manufacturing facility in Rybnik, Poland.
Tenneco is a $4.4 billion manufacturing company with headquarters in Lake Forest, Illinois and approximately 19,000 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 original equipment market and the aftermarket. Tenneco markets its products principally under the Monroe®, Walker®, Gillet® and Clevite®Elastomer brand names. Among its products are Sensa-Trac® and Monroe Reflex® shocks and struts, Rancho® shock absorbers, Walker® Quiet-Flow® mufflers, Dynomax® performance exhaust products, and Clevite®Elastomer noise, vibration and harshness control components.
This press release contains forward-looking statements. Words such as "will" 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 and 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 regulatory, political, economic and competitive conditions in markets where the company and its subsidiaries operate; (iv) workforce factors such as strikes or labor interruptions; and (v) the timing and occurrence (or non-occurrence) of transactions and events which may be subject to circumstances beyond the control of the company and its subsidiaries. These and other factors are described in more detail in the company's filings with the Securities and Exchange Commission, including in its Annual Report on Form 10-K. The company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
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