Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange) News Release
February 6, 2014
TENNECO AND STURMAN ANNOUNCE AGREEMENT ON DIGITAL VALVE TECHNOLOGY AFFORDABLE “SMART VALVE” FOR USE IN ELECTRONIC VEHICLE SUSPENSION SYSTEMS
Lake Forest, IL, February 6, 2014 - Tenneco Inc. (NYSE: TEN) and Sturman Industries, Inc. today announced that Tenneco has acquired exclusive rights to the digital valve technology used in Tenneco’s DRiV™ suspension products, which was previously licensed from Sturman. DRiV™ is a suspension system designed by Tenneco featuring electronically controlled dampers with hydraulic valves for use in automotive, light and heavy-duty trucks, off-road equipment, locomotives, and other vehicle damping applications.
“DRiV™ is an exciting part of Tenneco’s portfolio of advanced ride control technologies” said Tim Jackson, Chief Technology Officer, Tenneco. “The advanced digital valve technology helps make the benefits of electronic suspensions more affordable for a wide variety of applications including B and C segment vehicle models, which represent more than 50 percent of cars and light vehicles produced every year.”
Electronically controlled suspension systems deliver the ideal blend of ride comfort and handling by continuously adjusting a vehicle’s dampers based on road conditions and vehicle dynamics such as speed, turning, cornering and driver inputs. DRiV™ offers many of the benefits of adjustable dampers without requiring an external dedicated electronic control unit (ECU). The system features an internal valve with the electronics integrated in the damper, providing a compact, lightweight, and low-power solution.
“Sturman is pleased with the benefits our controls implementation brought to the Tenneco DRiV suspension system. It’s a good example of the performance and cost advantage our advanced digital valves and control system strategies can bring to applications”, said Carol Sturman, President of Sturman Industries.
Tenneco is an $8 billion global manufacturing company with headquarters in Lake Forest, Illinois and approximately 26,000 employees worldwide. Tenneco is one of the world’s largest designers, manufacturers and marketers of clean air and ride performance products and systems for automotive and commercial vehicle original equipment markets and the aftermarket. Tenneco’s principal brand names are Monroe®, Walker®, XNOx™ and Clevite®Elastomer.
Sturman is a leader in the design and implementation of superior process controls and related system design, accomplished by applying proprietary and practical digital and binary strategies. Designs integrate the advantages of miniaturization, flexibility and ultra-fast response by combining intelligent electronics and unique software strategies with efficient magnetics and powerful micro-hydraulics. Sturman specializes in modernizing systems to meet industry and environmental demands, and works with organizations globally that wish to take advantage of Sturman advanced controls.
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 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, 2012.