Company recognized for delivering highest return of any global automotive supplier in 2004 and over the last three years
LAKE FOREST, ILLINOIS, JANUARY 20, 2005 - Tenneco Automotive (NYSE: TEN) has been named a winner of two 2004 Shareholder Value Awards, recognizing the company for delivering the highest shareholder return for automotive suppliers for both one and three-year periods.
The awards - based on calculation of total shareholder return as determined by the PricewaterhouseCoopers Shareholder Value Indices - were jointly presented yesterday in Dearborn, Michigan by PricewaterhouseCoopers and Automotive News to Tenneco Automotive Chairman and CEO Mark Frissora.
"We are pleased these awards recognize exceptional achievements -- providing the highest shareholder returns -- 158% in one year; 745% in three years - of any automotive supplier," said Chairman and CEO Mark Frissora. "I'm accepting these awards on behalf of our 19,200 employees from around the world who work as a team every day to make this level of performance a reality."
"This recognition is particularly significant as we mark our fifth year as a stand alone company. Our success in delivering outstanding shareholder value reflects consistent strategies for growing our businesses and improving our operations worldwide, and a disciplined and focused approach to achieving our objectives," he continued.
"For 2005 and beyond, we plan to grow our OE book of business by offering advanced technology solutions to help customers address stricter emissions standards and respond to consumer vehicle stability concerns. We're establishing a greater footprint in the global commercial vehicle segment and in emerging markets, including China. We will also continue to pursue expanding our aftermarket business through new products and by extending our existing product lines," said Frissora.
The Automotive Shareholder Value Awards recognize the highest total shareholder return for publicly held automotive vehicle manufacturers, suppliers and retail distributors over one-and three-year periods. Selection of the winners was based on calculation of total shareholder return as determined by the PricewaterhouseCoopers Shareholder Value Indices. The indices take into account both rises and falls in a company's share price, dividends, share buy-backs and new share issues, and provide an objective and reliable measure of shareholder value for stock market listed companies. Developed specifically for the automotive sector, they provide companies and industry analysts with precise information on relative returns.
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 "plan," "growing" 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.
Tenneco Automotive Media Relations
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Tenneco Automotive, Investor Relations