Lake Forest, Illinois, October 18 2018 – Tenneco Inc. (NYSE: TEN), a global supplier of Ride Performance and Clean Air products and systems, announced today that the all-new 2018 Volvo XC40 compact crossover SUV features Tenneco’s CVSAe adaptive suspension technology from its Monroe® Intelligent Suspension portfolio.
A proven technology that has been launched on more than 40 vehicle models, Tenneco’s CVSAe semi-active suspension technology continuously senses road and driving conditions and independently adjusts damping levels in real-time to provide superior comfort and handling. Each electronically controlled shock absorber connects to a central ECU, which can realign damping settings every 10 milliseconds based on sensor inputs monitoring wheel assembly acceleration, body displacement and steering angle. An externally mounted electronic valve connects to the vehicle’s driving mode control, giving drivers the ability to select damping settings that fit their needs.
“Drivers today expect higher levels of comfort and performance from their vehicles, as well as a differentiated driving experience,” said Neville Rudd, senior vice president, Tenneco Global Ride Control. “CVSAe, like other technologies from the Monroe Intelligent Suspension portfolio, offers a highly tunable suspension solution that delivers optimal control, comfort and road-holding capabilities under a variety of driving conditions.”
The XC40 complements Volvo’sXC60 mid-size and XC90 full-size SUV models, both of which also feature Tenneco’s CVSAe suspension system. Tenneco will supply the CVSAe suspension technology for Volvo from its plant in Ermua, Spain.
Headquartered in Lake Forest, Illinois, Tenneco is one of the world’s leading designers, manufacturers and marketers of Ride Performance and Clean Air products and technology solutions for diversified markets, including light vehicle, commercial truck, off-highway equipment and the aftermarket, with 2017 revenues of $9.3 billion and approximately 32,000 employees worldwide.
On October 1, 2018, Tenneco completed the acquisition of Federal-Mogul, a leading global supplier to original equipment manufacturers and the aftermarket with nearly 55,000 employees globally and 2017 revenues of $7.8 billion. Additionally, the company expects to separate its businesses to form two new, independent companies, an Aftermarket and Ride Performance company as well as a new Powertrain Technology company, in late 2019.
About the Future Aftermarket and Ride Performance Company
Following the separation, the aftermarket and ride performance company will be one of the largest global multi-line, multi-brand aftermarket companies, and one of the largest global OE ride performance and braking companies. The aftermarket and ride performance company’s principal product brands will feature Monroe®, Walker®, Clevite®Elastomers, MOOG®, Fel-Pro®, Wagner®, Champion® and others. The Aftermarket and Ride Performance company would have 2017 pro-forma revenues of $6.4 billion, with 57% of those revenues from aftermarket and 43% from original equipment customers.
About the Future Powertrain Technology Company
Following the separation, the powertrain technology company will be one of the world’s largest pure-play powertrain companies serving OE markets worldwide with engineered solutions addressing fuel economy, power output, and criteria pollution requirements for gasoline, diesel and electrified powertrains. The powertrain technology company would have 2017 pro-forma revenues of $10.7 billion, serving light vehicle, commercial truck, off-highway and industrial markets.
This press release contains forward-looking statements. Words such as “anticipate,” “expects,” "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 or commercial vehicle 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) any change in customer demand due to delays in the adoption or enforcement of worldwide emissions regulations or any other changes in consumer demand and prices, including decreases in demand for automobiles or commercial vehicles 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; and (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. 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 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, 2017.
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