Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange)
November 13, 2019
DRIV™ EXPANDS RIDE PERFORMANCE PRESENCE ON NEW POLESTAR 2 ELECTRIC PERFORMANCE FASTBACK
Lake Forest, Illinois, November 13, 2019 – Buyers of the Polestar 2 electric performance fastback will be able to select from two leading-edge ride performance technologies from DRiVTM: shocks and struts equipped with Monroe® RideRefine™ RC1 frequency-dependent damping valve; and an optional performance package featuring the Ӧhlins DFV (Dual Flow Valve) adjustable dampers. DRiV is a Tenneco Inc. (NYSE: TEN) business and leading global aftermarket and ride performance supplier. The first all-electric model from the electric performance car brand of Volvo Car Group and Zhejiang Geely Holding, the Polestar 2 will begin production in early 2020 in Luqiao, China.
“This is truly a performance vehicle with unique requirements for driving agility and comfort,” said Nik Endrud, group vice president and general manager, DRiV Ride Control. “By relying exclusively on DRiV’s latest ride performance technologies, the Polestar 2 engineering team has helped ensure that every version of this impressive new vehicle will deliver an exciting and extremely enjoyable driving experience.”
The standard Polestar 2 ride performance package will include shock absorbers equipped with the Monroe RideRefine RC1 valve, which operates in concert with the dampers’ main valves to deliver a highly refined ride experience in sports cars, luxury vehicles and SUVs. The RC1 valve utilizes frequency dependent damping technology to smooth out high-frequency wheel motions caused by rough roads. This reduces vehicle body motion and noise for a more comfortable ride without compromising tire grip, vehicle handling and direct steering response. The add-on valve can be tuned to meet manufacturers’ desired ride experience for each vehicle.
The Ӧhlins DFV dampers offered in the Polestar 2’s optional performance package enable vehicle owners to tailor chassis damping and ride quality to road condition, driving style and other variables.
About DRiV™ - the future Aftermarket and Ride Performance Company
Following the expected separation of Tenneco to form two 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®, Ӧhlins®, 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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