Tenneco Automotive and Yarnapund CO. LTD Form Joint Venture In Thailand
Companies will work together to supply exhaust systems to global OE customer
LAKE FOREST, ILLINOIS, AUGUST 28, 2001 - Tenneco Automotive (NYSE: TEN) announced today that the company has formed a joint venture with Yarnapund Co. Ltd., a Thai exhaust system manufacturer. The joint venture company, Walker Exhaust Thailand Co. Ltd., will supply exhaust systems for the ISUZU I190 platform, a light pick-up truck. Production of the vehicle in Thailand is scheduled to begin in 2002.
"We are pleased to announce our joint venture with Yarnapund as we continue to look for opportunities to better serve our customers worldwide," said Tim Donovan, senior vice president and managing director, Tenneco Automotive international group. "This relationship is another example of the success we're having in growing our business globally through strategic alliances, joint ventures, and other collaborative relationships."
Walker Exhaust Thailand Co. Ltd. will be located at an existing Yarnapund facility in Bangkok, Thailand. The joint venture will be responsible for the final assembly of exhaust systems, with parts manufactured locally by Yarnapund and imported from Tenneco Automotive. Tenneco Automotive is already collaborating with Yarnapund through a licensing agreement to produce exhaust systems for the GM T600 platform (General Motor's Opel Zafira platform) manufactured in Thailand.
Tenneco Automotive continues to strengthen and grow its core businesses by developing and leveraging strategic alliances and joint venture relationships. Less than one year ago, the company formed a global strategic alliance with Futaba Industrial Co., Japan's leading exhaust component supplier. The two companies also formed a joint venture at Burnley, England. Recently, Tenneco Automotive finalized a strategic alliance with Tokico Ltd., Japan's leading ride control system supplier. The two companies have already secured contracts to supply shocks and struts on several Japan-based global vehicle platforms.
Tenneco Automotive is a $3.5 billion manufacturing company headquartered in Lake Forest, Ill., with 23,000 employees worldwide. Tenneco Automotive is one of the world's largest producers and marketers of ride control and exhaust systems and products, which are sold under the Monroe® and Walker® global brand names. Among its products are Sensa-Trac® and Reflex™ shocks and struts, Rancho® shock absorbers, Walker® Quiet-Flow™ mufflers and DynoMax™ performance exhaust products, and Monroe® Clevite™ vibration control components.
Tenneco Automotive, Media relations
Jane Ostrander, 847/482-5607
Tenneco Automotive, Investor relations
Leslie Cleveland Hague, 847/482-5042