Tenneco Automotive Inc. (ticker: TEN, exchange: New York Stock Exchange) News Release
February 2, 2004
TENNECO AUTOMOTIVE AND PEP BOYS SIGN LONG-TERM DEAL
Tenneco to Supply Ride Control and Performance Exhaust Products to Pep Boys' Stores
LAKE FOREST, ILLINOIS, February 2, 2004 - Tenneco Automotive (NYSE: TEN) announced today a long-term agreement with The Pep Boys - Manny, Moe & Jack (NYSE: PBY) to supply Monroe® shock absorbers, struts and off-road Rancho® products to all of Pep Boys' stores nationwide and in Puerto Rico.
Tenneco Automotive's Monroe, Rancho and DNX™ shock absorbers and struts and DNX and Dynomax® performance exhaust products are scheduled to be available at all Pep Boys' stores beginning in February 2004.
"We are very pleased to expand our customer base with the addition of Pep Boys, one of the nation's leading full-service automotive aftermarket retail and service chains," said Mark P. Frissora, chairman and CEO, Tenneco Automotive. "We continue to attract new aftermarket customers through the strength of our brands, our premium product offerings and innovative marketing programs."
The Monroe products will be produced primarily at the Tenneco Automotive facility in Paragould, Arkansas while exhaust will largely be supplied from its facility in Harrisonburg, Virginia.
"With the addition of Tenneco Automotive's lines of shocks, struts and performance exhaust products to Pep Boys' product roster, we're further catering to the needs and wants of the Pep Boys customer and the automotive enthusiast," said Don L. Casey, Senior Vice President of Supply Chain and Logistics for Pep Boys. "Just like Pep Boys, Tenneco Automotive and its brands are well known and widely trusted in the automotive aftermarket."
Specific terms of the agreement were not disclosed.
About Tenneco Automotive
Tenneco Automotive is a $3.8 billion global manufacturing company based in Lake Forest, Illinois, with 19,600 employees worldwide. The company is one of the world's largest designers, manufacturers and distributors of automotive ride control and emission control products and systems for the automotive original equipment market, and the repair and replacement market, or aftermarket.
About Pep Boys
Pep Boys has 595 stores and over 6,000 service bays in 36 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting pepboys.com.
This press release contains forward-looking statements regarding the company's anticipated introduction of ride control and emission control products for a customer. Words such as "continue," "will," and similar expressions identify these 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 and actual results could differ materially. For example, realization of future sales is inherently subject to risks and uncertainties regarding, among other things, new technologies that reduce the demand for certain of our products or otherwise render them obsolete. In addition, the company's customers generally have the right to replace the company (or its subsidiaries) with another supplier at any time for a variety of reasons. Consumer and customer acceptance of new products and technologies also present risks and uncertainties. Other factors that could cause the company's plans and results to differ materially from current expectations are described in the company's annual report on Form 10-K for the year ended December 31, 2002, to which you are referred for additional information. The company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Tenneco Automotive, Media Relations
(1) 847 482 5607
Tenneco Automotive, Investor Relations
(1) 215 430 9676