LAKE FOREST, IL — Tenneco Automotive has changed its name to Tenneco Inc., in a move to better represent the expanding number of markets the company serves through its commercial and specialty vehicle businesses.
Building a stronger presence in these markets complements Tenneco’s core businesses of supplying ride control, emission control and elastomer products to automotive original equipment and aftermarket customers worldwide, according to the company.
“Tenneco’s progress since becoming a stand-alone company in 1999 has been fueled by consistent strategies, solid execution and a relentless focus on our customers,” said Mark Frissora, chairman, CEO and president, Tenneco Inc. “Branding our company as Tenneco shows the same dedication to customers in adjacent markets as we have for our long-standing and highly valued automotive customers.”
Tenneco has successfully grown its top-line with advanced technologies and by capturing new business created by stricter emissions standards that require additional emission control products and by consumer safety concerns, which are fueling demand for ride control products that improve vehicle stability and handling. The company is also implementing growth strategies in markets like China, Eastern Europe and commercial and specialty vehicle and in new aftermarket product lines including car care products, brake pads and filters. These growth drivers and areas of focus have helped Tenneco generate 14 consecutive quarters of year-over-year revenue growth and nearly $1 billion in revenue growth since 2000.
The company also continues to tightly manage costs and improve operational efficiency through Lean manufacturing initiatives and Six Sigma quality programs. Tenneco’s 14 engineering and technical centers worldwide offer advanced engineering and innovative technologies that take costs out of the supply chain by shortening product design and development cycles. These design, development and manufacturing capabilities and Tenneco’s continuous operational improvements have helped deliver 15 consecutive quarters of year-over-year adjusted EBITDA earnings improvement.
Tenneco has successfully generated cash from earnings and better management of working capital to significantly reduce its debt since becoming a stand-alone company. At the end of third quarter 2005, the company has pared down nearly $300 million in debt since November 1999.
“We have improved our financial performance and aligned our global operations to best serve our strong balance of customers in different markets and regions worldwide,” said Frissora. “We will continue to deliver the innovative products and outstanding service that our automotive customers expect and look forward to bringing that same Tenneco brand of advanced technology and service to new markets.”
The company will begin trading on the NYSE under its new name on Monday, October 31.
For more information about Tenneco, visit: www.tenneco-automotive.com.
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