New Stand-Alone Status Drives Company's Focus on Automotive Strengths
LAKE FOREST, Ill.--(BUSINESS WIRE)--Nov. 5, 1999-- New Stand-Alone Status Drives Company's Focus on Automotive Strengths Tenneco Automotive (NYSE: TEN), one of the world's largest producers of emissions control and ride control systems and products, today began its first day of "regular" trading as an independent company, following completion of its strategic separation from Tenneco's packaging business.
"Today begins an exciting new era for Tenneco Automotive. Our people have worked to build a world-class company with a growing ori ginal equipment business, some of the most well-known aftermarket brands, leading technology positions and an expanding systems capability," said Mark Frissora, Tenneco Automotive's president and chief executive officer. "As an independent company, we plan to leverage our strengths to capitalize on innovative ideas and products, diversify our business into adjacent and more profitable markets, and pursue strategic partnerships and acquisitions to enhance our advanced technology know-how."
On Oct. 12, 1999, Tenneco's board of directors approved the tax-free spin-off of Tenneco Packaging to separate its automotive and packaging businesses. The spin-off occurred after the close of business Nov. 4, 1999, leaving Tenneco Automotive as an independent, publicly traded company with a new board of directors. Shareholders will retain common stock in Tenneco Automotive following the company's one-for-five reverse stock split that occurred after the spin-off. These shares begin regular trading Friday, Nov. 5, 1999, under the existing trading symbol TEN.
Tenneco Automotive is well-balanced across its product lines, markets and geographic regions. The company is a leader in the aftermarket, holding - during 1998 - the No. 1 market position in North America and Europe with its ride control and emissions control products. Tenneco Automotive markets such well-known brands as Monroe(R), Walker(R), Rancho(R) and Dynomax(R).
Tenneco Automotive also has a strong global position in the original equipment market, serving more than 25 different OE manufacturers on a global basis, including Ford, General Motors, Honda, Toyota, DaimlerChrysler, Volkswagen, BMW and Volvo. In fact, Tenneco Automotive products are on six of the Top 10 passenger car models and eight of the Top 10 light truck models produced in the world in 1998.
"As a leader in setting both technology and product standards for the automotive supplier industry, Tenneco Automotive will continue to develop technologically advanced ideas that support cleaner, quieter and safer transportation," said Frissora. "Tenneco Automotive product innovations provide value-added solutions for customers and allow us to open and expand niche markets that complement our existing businesses."
Tenneco Automotive (NYSE: TEN) is one of the world's largest designers, manufacturers and distributors of automotive emissions control (mufflers, catalytic converters and exhaust components) and ride control (shock absorbers and struts) products and systems for the automotive original equipment market and aftermarket. Headquartered in Lake Forest, Ill., Tenneco Automotive has broad geographic coverage and a worldwide reach. The company currently operates more than 100 facilities in 25 countries on six continents and markets its products in more than 100 countries. For more information on Tenneco Automotive, log on to the company's Web site at www.tenneco-automotive.com.