Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange)
June 22, 2020
TENNECO RECEIVES PACCAR GLOBAL QUALITY AWARDS FOR DRIV RIDE PERFORMANCE AND MOTORPARTS BUSINESS GROUPS
Lake Forest, Illinois, June 22, 2020 – Tenneco Inc.’s (NYSE:TEN) DRiV™ Ride Performance and Motorparts business groups have received the PACCAR 10 PPM Quality Award for meeting the truck manufacturer’s most stringent quality standard.
PACCAR manufactures light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. The award was given to three business groups within Tenneco. These include the DRiV Ride Control manufacturing facility and Commercial Truck and Off-Highway customer business unit in Sint-Truiden, Belgium for its Monroe® OE Solutions original equipment shock absorbers; the DRiV NVH Performance Materials plant in Napoleon, Ohio for its OE radiator rods and Tenneco Walker Clean Air manufacturing facility in Birmingham, the U.K. for the quality and service of its Walker® aftermarket products.
The annual award recognizes suppliers who have met demanding criteria for quality and warranty performance. In total, the company honored 370 suppliers on five continents for meeting its top quality standard in 2019.
Monroe OE Solutions shock absorbers include an array of innovative features designed to provide outstanding ride quality and control, a high level of safety and exceptional durability under severe working conditions. OE cabin shock absorbers with modular assembly solutions for DAF trucks are engineered and manufactured at the Sint-Truiden facility.
“We are delighted to have received this award for both our original equipment (OE) Ride Control and NVH Performance Materials businesses,” said Brad Norton, executive vice president, president DRiV Ride Performance. “This accomplishment is a testament to our partnership with Paccar who values technology and collaboration” Norton added. Andrew Sexton, group vice president and general manager, DRiV Motorparts, Europe Middle East and Africa (EMEA), said: “This award recognizes our Birmingham team’s commitment to delivering a full value package to our aftermarket customers with our Walker® emission control products. We thank PACCAR for placing its trust in DRiV”
To learn more about Monroe OE Solutions and other ride performance products for manufacturers of commercial trucks, passenger vehicles and other applications, visit www.monroeintelligentsuspension.com. For more information about NVH Performance Materials, visit https://www.tenneco.com/our_brands/clevite/. For more information about Clean Air, visit https://www.walkerexhaust.com/.
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 2019 revenues of $17.45 billion and approximately 78,000 employees worldwide. On October 1, 2018, Tenneco completed the acquisition of Federal-Mogul, a leading global supplier to original equipment manufacturers and the aftermarket. In the future, the company expects to separate its divisions to form two independent companies: DRiV, an Aftermarket and Ride Performance company, and a Powertrain Technology company consisting of the Powertrain and Clean Air business groups.
This release contains forward-looking statements. These forward-looking statements include, among others, statements relating to our execution of objectives and plans to separate into two independent 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 course of the COVID-19 pandemic and its impact on general economic, business and market conditions, our ability (or inability) to execute on our plans to respond to the COVID-19 pandemic and our previously announced Accelerate plan and to realize the anticipated benefits of these actions, our financial flexibility in addressing the impact of the COVID-19 pandemic, our ability to maintain compliance with the agreements governing our indebtedness and otherwise have sufficient liquidity through the COVID-19 pandemic, the possibility that Tenneco may not complete the separation of the Aftermarket & Ride Performance business from the Powertrain Technology business (or achieve some or all of the anticipated benefits of such a separation); the possibility that 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 separation may not be fully realized or may take longer to realize than expected; the risk that the separation may not advance Tenneco's business strategy; 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, 2019 and quarterly report on Form 10-Q for the quarter ended March 31, 2020.
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