Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange)
March 28, 2019
TENNECO APPOINTS RICHARD KWAS VICE PRESIDENT, INVESTOR RELATIONS
Kwas to Lead IR Strategy for future Tenneco Powertrain Company
Lake Forest, Illinois, March 28, 2019 – Tenneco Inc. (NYSE:TEN) has appointed Richard Kwas as vice president, investor relations. Kwas is anticipated to lead the investor relations team for the new Tenneco company that is expected to emerge later this year when the company separates its businesses into two new, publicly traded companies, a Powertrain Technology company and an Aftermarket and Ride Performance company. In this role, Kwas will lead IR strategy for the Powertrain Technology company and oversee financial communications with the company’s shareholders and investment community.
“Richard’s deep experience and knowledge of the automotive sector are extremely valuable in helping us define our growth strategy following separation,” said Ron Hundzinski, executive vice president, finance, Tenneco. “His experience and proven track record will be critical for consistent, clear communications on our financial position with the global investor community. We’re pleased to have him join the team.”
Kwas joins Tenneco with nearly 25 years of industry experience. Most recently, he served as managing director and senior equity research analyst for Wells Fargo Securities, where he led analysis for top automotive and industrial stocks and has written extensively on global emissions. Before that, he held a number of positions of increasing responsibility at Wells Fargo and prior to that was an analyst at Banc of America Securities LLC. He also has appeared on CNBC and Bloomberg Television and has been quoted in notable financial publications, including The Wall Street Journal, Barron’s and The Financial Times.
Kwas earned a bachelor’s degree in business administration from Loyola College in Baltimore, Md. He is a Chartered Financial Analyst (CFA)®.
Linae Golla will continue to serve as Vice President, Investor Relations for Tenneco until the separation, at which time she is expected to be Vice President, Investor Relations for the new company, DRiV Incorporated.
Headquartered in Lake Forest, Illinois, Tenneco is one of the world’s leading designers, manufacturers and marketers of Aftermarket, Ride Performance, Clean Air and Powertrain products and technology solutions for diversified markets, including light vehicle, commercial truck, off-highway, industrial and the aftermarket, with 2018 revenues of $11.8 billion and approximately 81,000 employees worldwide. On October 1, 2018, Tenneco completed the acquisition of Federal-Mogul, a leading global supplier to original equipment manufacturers and the aftermarket. 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 the second half of 2019.
About DRiVTM - the future Aftermarket and Ride Performance Company
Following the separation, DRiV 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. DRiV’s principal product brands will feature Monroe®, Öhlins® Walker®, Clevite®Elastomers, MOOG®, Fel-Pro®, Wagner®, Ferodo®, Champion® and others. DRiV would have 2018 pro-forma revenues of $6.4 billion, with 54% of those revenues from aftermarket and 46% from original equipment customers.
About the new Tenneco - the future Powertrain Technology Company
Following the separation, the new Tenneco 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 new Tenneco would have 2018 pro-forma revenues of $11.4 billion, serving light vehicle, commercial truck, off-highway and industrial markets.
This release contains forward-looking statements. These forward-looking statements relate to our plans to separate into two independent public companies. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements, including the possibility that Tenneco may not complete the spin-off of the Aftermarket & Ride Performance business from the Powertrain Technology business (or achieve some or all of the anticipated benefits of such a spin-off); the possibility that the acquisition of Federal-Mogul or the separation may have an adverse impact on existing arrangements with Tenneco, including those related to transition, manufacturing and supply services and tax matters; the ability to retain and hire key personnel and maintain relationships with customers, suppliers or other business partners; the risk that the benefits of the acquisition of Federal-Mogul or the separation, including synergies, may not be fully realized or may take longer to realize than expected; the risk that the acquisition of Federal-Mogul or the separation may not advance Tenneco’s business strategy; the risk that Tenneco may experience difficulty integrating all employees or operations; the potential diversion of Tenneco management’s attention resulting from the separation; as well as the risk factors and cautionary statements included in Tenneco’s periodic and current reports (Forms 10-K, 10-Q and 8-K) filed from time to time with the SEC. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Unless otherwise indicated, the forward-looking statements in this release are made as of the date of this communication, and, except as required by law, Tenneco does not undertake any obligation, and disclaims any obligation, to publicly disclose revisions or updates to any forward-looking statements. 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 annual report on Form 10-K for the year ended December 31, 2018.
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