Tenneco Automotive Wins New Business With Toyota
Company Will Supply Exhaust Components on Next-Generation Tundra Pick-Up Truck
LAKE FOREST, ILLINOIS, JANUARY 6, 2005 - Tenneco Automotive (NYSE: TEN) announced today that Toyota has chosen the company to supply exhaust components on the next-generation Toyota Tundra that will launch in the fall of 2006.
"We are very proud to serve Toyota and to win new incremental business on the Tundra," said Mark P. Frissora, chairman and CEO, Tenneco Automotive. "We continue to build our book of business by delivering leading-edge technologies, high quality products and value-added design and manufacturing capabilities."
Tenneco Automotive will supply the Tundra from two new Just-In-Time operations near Toyota's assembly plants in Princeton, Indiana and San Antonio, Texas. In San Antonio, Tenneco Automotive is one of only eighteen companies to be selected as an on-site supplier. The exhaust product design and engineering will be done at the company's emission control engineering center in Grass Lake, Michigan.
Tenneco Automotive is a global supplier to Toyota, providing both ride control and emissions control products. In addition to the Tundra business, Tenneco Automotive supplies emission control products and systems on Toyota's Lexus RX 330 SUV, Sienna, Avalon, Sequoia and tC Sport.
The company's emission control operations include 44 emission control manufacturing facilities worldwide including 13 Just-In-Time operations and four engineering centers devoted to exhaust engineering and technology. In addition to its global operations, Tenneco Automotive supports its Japan-based customers through the company's strategic alliance with Futaba, a leading Japanese emission control supplier.
Tenneco Automotive's engineering capabilities and broad range of emission control products and systems help vehicle manufacturers address increasingly stringent emissions and noise regulations, the drive for better fuel efficiency and the emission control demands of diesel and other alternative fuel and hybrid vehicles.
Tenneco Automotive is a $3.8 billion manufacturing company with headquarters in Lake Forest, Illinois and approximately 19,200 employees worldwide. Tenneco Automotive 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 Automotive 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", "continue" 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, including 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 political, economic and competitive conditions in markets where the company and its subsidiaries operate; (iv) workforce factors such as strikes or labor interruptions; (v) material substitutions and increases in the costs of raw materials; (vi) the company's ability to develop and profitably commercialize new products and technologies, and the acceptance of such new products and technologies by the company's customers; and (vii) 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. 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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