New Ride Control, Exhaust and Brake Business Worth About $12 Million Annually
Lake Forest, IL, July 24, 2008- Tenneco Inc. (NYSE: TEN) announced today that the company has won new aftermarket business in North America that is expected to generate approximately $12 million in revenue annually.
The new business – which includes ride control, exhaust and brake products – generated initial orders worth $6 million of revenue in the second quarter 2008. Tenneco expects to record approximately a $7 million charge associated with changing over new customers in the second quarter.
“We added 14 new customers and solidified our position with a number of existing customers with these new business wins,” said Joe Pomaranski, vice president, North America aftermarket. “Tenneco’s continued success in the North American aftermarket reflects our commitment to providing leading technology products backed by strong customer programs and support.”
Tenneco is a $6.2 billion manufacturing company with headquarters in Lake Forest, Illinois and approximately 21,000 employees worldwide. Tenneco 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 markets its products principally under the Monroe®, Walker®, Gillet™ and Clevite®Elastomer brand names.
This press release contains forward-looking statements. Words such as “estimates,” “continue,” “will,” “plans,” “outlook” and “goal” 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) the overall highly competitive nature of the automotive parts industry; (ii) the cyclical nature of the global vehicular industry, including the performance of the global aftermarket sector; and changes in consumer demand and prices; and (iii) further changes in the distribution channels for the company's aftermarket products.
The company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. 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 report on Form 10-K for the year ended December 31, 2007. Further information can be found on the company's web site at www.tenneco.com.