Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange)
July 9, 2019
ӦHLINS® ADJUSTABLE DAMPERS TO BE OFFERED ON NEW POLESTAR 2 ELECTRIC FASTBACK
Lake Forest, Illinois, July 9, 2019 – DRiV™, a Tenneco Inc. (NYSE: TEN) business and leading global aftermarket and OE ride performance supplier, announced that its Ӧhlins brand DFV (Dual Flow Valve) adjustable suspension dampers will be featured in a performance package for the new, all-electric Polestar 2 five-door fastback. Introduced during the Geneva Motor Show, the Polestar 2 is the first all-electric model from the Volvo Car Group and Zhejiang Geely Holding. Production is expected to begin in early 2020.
Among the components included in the Polestar 2 performance package will be Ӧhlins brand dual-flow-valve adjustable front struts and rear shock absorbers. These innovative dampers enable vehicle owners to tailor chassis damping and ride quality to road condition, driving style and other variables.
“We are excited to introduce premium Ӧhlins suspension technologies to a new audience of discerning drivers through Polestar’s collaboration with Öhlins,” said Henrik Johansson, managing director, Öhlins Racing, a DRiV™ Company. “The Polestar 2 fastback is an exciting launch. 100% Electric. 100% Performance. And we are proud to be part of it.”
Tenneco acquired Öhlins Racing, a Swedish technology company that develops premium suspension systems and components for the automotive and motorsport industries, in January 2019. The addition of Öhlins Racing enhances Tenneco’s portfolio with a range of premium OE and Öhlins-branded aftermarket automotive and motorsports performance products.
About DRiV™ - the future Aftermarket and Ride Performance Company
Following the expected separation of Tenneco to form two new, independent companies, an Aftermarket and Ride Performance company (DRiV™) as well as a new Powertrain Technology company, DRiV will be one of the largest global multi-line, multi-brand aftermarket companies, and one of the largest global OE ride performance and braking companies. DRiV’s principal product brands will feature Monroe®, Öhlins, Walker®, Clevite®Elastomers, MOOG®, Fel-Pro®, Wagner®, Ferodo®, Champion® and others. DRiV would have 2018 pro-forma revenues of $6.4 billion, with 54% of those revenues from aftermarket and 46% from original equipment customers.
This release contains forward-looking statements. These forward-looking statements include, among others, statements relating to our plans to separate into two independent public companies. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements, including the possibility that Tenneco may not complete the spin-off of the Aftermarket & Ride Performance business from the Powertrain Technology business (or achieve some or all of the anticipated benefits of such a spin-off); the possibility that the acquisition of Federal-Mogul or the separation may have an adverse impact on existing arrangements with Tenneco, including those related to transition, manufacturing and supply services and tax matters; the ability to retain and hire key personnel and maintain relationships with customers, suppliers or other business partners; the risk that the benefits of the acquisition of Federal-Mogul or the separation, including synergies, may not be fully realized or may take longer to realize than expected; the risk that the acquisition of Federal-Mogul or the separation may not advance Tenneco’s business strategy; the risk that Tenneco may experience difficulty integrating all employees or operations; the potential diversion of Tenneco management’s attention resulting from the separation; as well as the risk factors and cautionary statements included in Tenneco’s periodic and current reports (Forms 10-K, 10-Q and 8-K) filed from time to time with the SEC. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Unless otherwise indicated, the forward-looking statements in this release are made as of the date of this communication, and, except as required by law, Tenneco does not undertake any obligation, and disclaims any obligation, to publicly disclose revisions or updates to any forward-looking statements. Additional information regarding these risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its annual report on Form 10-K for the year ended December 31, 2018.
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