Woodward and Tenneco Sign Licensing Agreement for New Diesel Emissions Control Technology
Fort Collins, Colo./Lake Forest, Ill., April 20, 2009—Woodward Governor Company (Nasdaq:WGOV) and Tenneco Inc. (NYSE: TEN) have announced a licensing agreement for an aftertreatment technology designed to help diesel engine and equipment manufacturers meet current and future stringent emissions standards more effectively.
Under the terms of the agreement, Woodward will license its technology and collaborate with Tenneco on its T.R.U.E.-Clean™ (Thermal Regeneration Unit for Exhaust) aftertreatment technology. T.R.U.E.-Clean is a thermal regeneration system targeted for on-road diesel truck and bus applications, as well as non-road diesel applications such as construction, material handling and other industrial equipment. The T.R.U.E.-Clean system, which incorporates Woodward’s proprietary SmartFire™ combustion sensing technology, can provide improved aftertreatment performance for most diesel trucks, buses, and non-road vehicles that operate frequently in low-load, low-speed or low-temperature conditions.
The T.R.U.E.-Clean system is unique because of its automatic active regenerating capabilities. It consists of thermal regeneration technologies that constantly monitor the diesel particulate filter’s temperature and soot levels. When the system senses that the filter should be cleaned, the unit automatically initiates the regeneration process—while maintaining proper temperatures and controls—until the system completes its cycle.
The global market for active diesel particulate filter regeneration systems is expected to grow significantly by 2011 as new emissions regulations become effective in Japan, North America, and Europe. Tenneco has secured development contracts with several off-road customers to date. Tenneco will use its industry-leading engineering and manufacturing capabilities in emissions control systems to ensure solutions for diesel engine manufacturers that must meet Japan’s Tier 3/Tier 4, the United States’ EPA 2010 and non-road Tier 4 and Europe’s Euro 5/Euro 6 requirements.
"We’re extremely excited about the T.R.U.E.-Clean system and the solutions it will create in the global diesel marketplace," said Tim Jackson, Chief Technology Officer, Tenneco. "Equipment manufacturers will experience superior engine performance without compromise in all types of challenging conditions—from cold climates to high-sulfur fuel—all at a significantly smaller fuel penalty than existing systems currently require."
"The clean-energy technologies that Woodward is licensing to Tenneco support the industry-leading performance of the Tenneco T.R.U.E.-Clean system," said Chad Preiss, Group Vice President, Woodward. "The Woodward technology has been proven across a wide range of markets and applications, from small reciprocating engines to jet aircraft."
About Woodward
Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions for commercial and military aircraft, turbines, reciprocating engines, and electrical power system equipment. The company's innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable and cost effective equipment. Woodward is headquartered in Fort Collins, Colorado USA and serves global markets in aerospace, power and process industries, and transportation. Visit the company's web site at www.woodward.com.
About Tenneco
Tenneco is a $5.9 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. Tenneco’s global emissions operations include 48 emission control manufacturing facilities and four global engineering centers devoted to emission control engineering and advanced technology. The company’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.
Many of the statements in this press release concerning the diesel aftertreatment systems under development and the market thereof reflect the companies’ current expectations and are forward-looking statements that involve risks and uncertainties. These forward-looking statements can be identified by their use of terms such as "will," "plan" and "expect," including Woodward’s expectation that the T.R.U.E.-Clean system will provide improved aftertreatment performance; the expected growth of the global market for active diesel particulate filter regenerations; the anticipated new emissions regulations in Japan, North America and Europe; Tenneco’s ability to use its industry-leading engineering and manufacturing capabilities to ensure solutions for diesel engine manufacturers that are required to meet emissions requirements in Japan, the United States and Europe; and Tenneco’s expectations that the T.R.U.E.-Clean system will create solutions in the global diesel marketplace and that equipment manufacturers will experience superior engine performance without compromise in all types of challenging conditions at a reduced fuel penalty. Actual results could differ materially from the results described in these forward-looking statements and neither Woodward nor Tenneco has any obligation to update these forward-looking statements. Neither Woodward nor Tenneco can guarantee if or when commercial sale of the diesel aftertreatment systems will occur. Other factors that could affect performance and could cause actual results to differ materially from the results described in these forward-looking statements are described in Woodward’s Annual Report on Form 10-K for the year ended September 30, 2008 and in Tenneco’s Annual Report on Form 10-K for the year ended December 31, 2008.
Under the terms of the agreement, Woodward will license its technology and collaborate with Tenneco on its T.R.U.E.-Clean™ (Thermal Regeneration Unit for Exhaust) aftertreatment technology. T.R.U.E.-Clean is a thermal regeneration system targeted for on-road diesel truck and bus applications, as well as non-road diesel applications such as construction, material handling and other industrial equipment. The T.R.U.E.-Clean system, which incorporates Woodward’s proprietary SmartFire™ combustion sensing technology, can provide improved aftertreatment performance for most diesel trucks, buses, and non-road vehicles that operate frequently in low-load, low-speed or low-temperature conditions.
The T.R.U.E.-Clean system is unique because of its automatic active regenerating capabilities. It consists of thermal regeneration technologies that constantly monitor the diesel particulate filter’s temperature and soot levels. When the system senses that the filter should be cleaned, the unit automatically initiates the regeneration process—while maintaining proper temperatures and controls—until the system completes its cycle.
The global market for active diesel particulate filter regeneration systems is expected to grow significantly by 2011 as new emissions regulations become effective in Japan, North America, and Europe. Tenneco has secured development contracts with several off-road customers to date. Tenneco will use its industry-leading engineering and manufacturing capabilities in emissions control systems to ensure solutions for diesel engine manufacturers that must meet Japan’s Tier 3/Tier 4, the United States’ EPA 2010 and non-road Tier 4 and Europe’s Euro 5/Euro 6 requirements.
"We’re extremely excited about the T.R.U.E.-Clean system and the solutions it will create in the global diesel marketplace," said Tim Jackson, Chief Technology Officer, Tenneco. "Equipment manufacturers will experience superior engine performance without compromise in all types of challenging conditions—from cold climates to high-sulfur fuel—all at a significantly smaller fuel penalty than existing systems currently require."
"The clean-energy technologies that Woodward is licensing to Tenneco support the industry-leading performance of the Tenneco T.R.U.E.-Clean system," said Chad Preiss, Group Vice President, Woodward. "The Woodward technology has been proven across a wide range of markets and applications, from small reciprocating engines to jet aircraft."
About Woodward
Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions for commercial and military aircraft, turbines, reciprocating engines, and electrical power system equipment. The company's innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable and cost effective equipment. Woodward is headquartered in Fort Collins, Colorado USA and serves global markets in aerospace, power and process industries, and transportation. Visit the company's web site at www.woodward.com.
About Tenneco
Tenneco is a $5.9 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. Tenneco’s global emissions operations include 48 emission control manufacturing facilities and four global engineering centers devoted to emission control engineering and advanced technology. The company’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.
Many of the statements in this press release concerning the diesel aftertreatment systems under development and the market thereof reflect the companies’ current expectations and are forward-looking statements that involve risks and uncertainties. These forward-looking statements can be identified by their use of terms such as "will," "plan" and "expect," including Woodward’s expectation that the T.R.U.E.-Clean system will provide improved aftertreatment performance; the expected growth of the global market for active diesel particulate filter regenerations; the anticipated new emissions regulations in Japan, North America and Europe; Tenneco’s ability to use its industry-leading engineering and manufacturing capabilities to ensure solutions for diesel engine manufacturers that are required to meet emissions requirements in Japan, the United States and Europe; and Tenneco’s expectations that the T.R.U.E.-Clean system will create solutions in the global diesel marketplace and that equipment manufacturers will experience superior engine performance without compromise in all types of challenging conditions at a reduced fuel penalty. Actual results could differ materially from the results described in these forward-looking statements and neither Woodward nor Tenneco has any obligation to update these forward-looking statements. Neither Woodward nor Tenneco can guarantee if or when commercial sale of the diesel aftertreatment systems will occur. Other factors that could affect performance and could cause actual results to differ materially from the results described in these forward-looking statements are described in Woodward’s Annual Report on Form 10-K for the year ended September 30, 2008 and in Tenneco’s Annual Report on Form 10-K for the year ended December 31, 2008.
CONTACT:
Rose Briani-Burden
Business Communications
Woodward
815-639-6282
rbrian@woodward.com
Michelle Caldwell
Media Relations Specialist
Tenneco Inc.
313-418-4692
Caldwell64@Comcast.net