Company is First Automotive Parts Manufacturer to Receive Federal Funding as
Part of the Department of Energy`s Advanced Technology Vehicles Manufacturing
(ATVM) Incentive Program
LAKE FOREST, Ill.--(Business Wire)--
Tenneco Inc. (NYSE:TEN) today announced that it has been awarded a $24 million
conditional loan commitment as part of the U.S. Department of Energy`s Advanced
Technology Vehicles Manufacturing (ATVM) Incentive Program. The funding will
support the engineering and manufacturing of emission control products designed
to achieve environmental and fuel efficiency objectives for nine advanced
technology vehicle programs.
Tenneco is the first automotive parts supplier to be selected by the U.S.
Department of Energy (DOE) to receive federal loans from the ATVM incentive
program. To date, four vehicle manufacturers have also been awarded conditional
loans under the $25 billion ATVM program.
"We`re very proud to have our advanced emission control technology recognized as
critical to the development of more energy efficient cars and light trucks that
meet increased standards for corporate average fuel economy, while also meeting
new, more stringent standards for vehicle tailpipe emissions," said Gregg
Sherrill, Tenneco Chairman and CEO. "We`re honored to be the first automotive
supplier chosen by the Department of Energy to take part in the ATVM incentive
program."
The funding will be applied to the design, engineering integration and
production of key aftertreatment and exhaust components manufactured by Tenneco,
including: catalytic converters, diesel oxidation catalysts, diesel particulate
filters and selective catalytic reduction (SCR) units. Each component reduces
the release of harmful pollutants, such as hydrocarbons, particulate matter and
nitrogen oxide (NOx) into the environment. Tenneco`s diesel oxidation catalysts
can reduce up to 90 percent of hydrocarbon and carbon monoxide emissions and its
diesel particulate filters can reduce particulate matter emissions by up to 95
percent.
The DOE funded systems will be engineered at the company`s state-of-the-art
emission control engineering center in Grass Lake, Mich, and manufactured at
Tenneco facilities in Ligonier, Ind., Litchfield and Marshall, Mich., and
Seward, Neb. for use in vehicles as early as model year 2010.
In addition to producing these components for passenger cars and light trucks,
Tenneco is on the forefront of the efforts to reduce commercial vehicle
emissions and has been awarded production and development contracts to supply
similar technology to a number of on- and off-road original equipment
manufacturers for a wide range of applications, including on-road trucks,
agricultural, construction, forestry and mining equipment, and locomotives.
Tenneco`s global emissions operations include 48 emission control manufacturing
facilities and four global engineering centers devoted to emission control
engineering and advanced technology. The company`s engineering capabilities and
broad range of emission control products and systems help vehicle manufacturers
address increasingly stringent emissions and noise regulations, the drive for
better fuel efficiency and the emission control demands of diesel and other
alternative fuel and hybrid vehicles.
About Tenneco
Tenneco is a $5.9 billion global manufacturing company with headquarters in Lake
Forest, Illinois and approximately 21,000 employees worldwide. Tenneco is one of
the world`s largest designers, manufacturers and marketers of emission control
and ride control products and systems for the automotive original equipment
market and the aftermarket. Tenneco markets its products principally under the
Monroe, Walker, Gillet and CleviteElastomer brand names.
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 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) changes in consumer demand and prices, including
decreases in demand for automobiles 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; (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; and (vii) the
timing and occurrence (or non-occurrence) of transactions and events which may
be subject to circumstances beyond the control of the company and its
subsidiaries. The company undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date of this press
release.
Tenneco Inc.
Jane Ostrander
847-482-5607
jostrander@tenneco.com
Jim Spangler
847-482-5810
jspangler@tenneco.com
Copyright Business Wire 2009
