Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange)
June 29, 2020
TENNECO RECOGNIZED BY GENERAL MOTORS AS A 2019 SUPPLIER OF THE YEAR WINNER
LAKE FOREST, Ill., June 29, 2020 -- Tenneco Inc.'s (NYSE:TEN) Powertrain business group was named a GM Supplier of the Year by General Motors during a virtual ceremony honoring the recipients of the company’s 28th annual Supplier of the Year awards on Wednesday, June 24, 2020.
During the event, GM recognized 116 of its best suppliers from 15 countries that have consistently exceeded GM’s expectations, created outstanding value or introduced innovations to the company. The awards ceremony was originally scheduled as a live-event to be held in March but was postponed due to the impact of the COVID-19 pandemic. The recognition is for supplier performance in the 2019 calendar year.
This is the third consecutive year that a Tenneco business group has been honored and the second time Tenneco’s Powertrain business group has received the award.
“Our suppliers play a key role in delivering the products, services and experiences our customers deserve – and these award-winning suppliers went above and beyond our expectations,” said Shilpan Amin, GM vice president, Global Purchasing and Supply Chain.
“We also believe it’s important at this point in time to thank our entire supply base for their efforts the last few months to mitigate the impacts of COVID-19,” added Amin. “Not only have we been able to safely restart our manufacturing operations, our suppliers played a key role in assisting our initiatives to increase the supply of ventilators and personal protection equipment (PPE) for frontline health care workers to help save lives and keep communities safe.”
The Supplier of the Year award winners were chosen by a global team of GM purchasing, engineering, quality, manufacturing and logistics executives. Winners were selected based on performance criteria in Product Purchasing, Global Purchasing and Manufacturing Services, Customer Care and Aftersales, and Logistics.
“Tenneco is honored to be named a recipient of this prestigious award from one of our most trusted industry partners, General Motors, and it is truly a testament to our 32,000 Powertrain team members around the world, who strive to produce quality powertrain components every day,” said Brian Kesseler, CEO of Tenneco. “This award reinforces Tenneco Powertrain’s strong position in the global market for highly engineered engine components and highlights our commitment to global customers to develop innovations that deliver optimal fuel economy, meet and exceed the most stringent emission targets, and enhance vehicle performance.”
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.
Executive Director, Global Corporate Communications