Tenneco Targets Growth With Japanese Customers |
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Tenneco Automotive, Inc.
1846 N. Topping Ave.
Kansas City, MO, 64120
USA
Press release date: February 15, 2007
TOKYO, Feb. 15 /-- Tenneco Inc. (NYSE:TEN) is focusing on growth with Japan-based original equipment customers, said Gregg Sherrill, the company's new chairman and CEO. Sherrill is hosting a press briefing today, following a week of customer meetings in Japan, to outline its long-term expansion plans with the Japanese OEMs.
"One of our key growth strategies is to expand our business with Japan- based customers, some of the fastest growing original equipment manufacturers worldwide," said Sherrill. "Our advanced ride and emission control technologies, a sharp focus on development and platform launch performance, and Tenneco's commitment to quality and customer support are driving new contracts with these customers."
Tenneco now serves Japanese customers in 14 countries and the revenue from Japanese OEMs accounted for 10% of Tenneco's 2006 global original equipment revenues and 20% of North American original equipment revenue. The company anticipates this growth will continue with an expected 32% increase in global OE revenue from Japanese customers by 2008.
The company continues to make progress on becoming a development partner with customers in Japan. Tenneco has been named a development supplier in Japan on four different platforms with vehicles that will be produced in Asia, Europe and North America.
One industry analyst (Global Insight) predicts that roughly 34% of global light-duty vehicle production growth over the next 10 years will be generated by the Japanese OEMs.
"Our goal is to increase our business with fast-growing OEMs so that the revenues we generate from these customers roughly match their global market share," said Sherrill. "This growth will be driven by increasingly stringent emissions regulations worldwide and the increase in diesel powered vehicles, which create demand for our hot-end emission control capabilities and diesel aftertreatment technologies. The growth in our ride control business comes from customers who are looking for improved handling and stability and unique ride characteristics that help differentiate their vehicles."
Some of the company's recent launch successes include the Toyota Tundra in North America and the Suzuki Swift in Japan and Europe. Tenneco is one of just 18 on-site suppliers to Toyota's Tundra, which is assembled in San Antonio, Texas. The company invested in two new facilities to supply the full exhaust system on the vehicle and introduced a new advanced laser welding technology designed to reduce muffler weight and lower material costs.
Tenneco also saw great success last year with its ride control components, front strut module and rear shock, on the Suzuki Swift Sport, launched in Japan and Europe. Close collaboration between Suzuki and Tenneco engineers resulted in vehicle suspension components that provide a tight sport ride without sacrificing ride comfort.
Tenneco demonstrated its advanced technology capabilities at a technical review with Nissan this week. Among the products and technologies on display were Tenneco's latest diesel technologies, a Tenneco core competency. Tenneco was one of the first to market with a diesel particulate filter passenger car application in Europe and the company has transferred that technology to other markets worldwide. Also highlighted was the company's CES shock absorber, its first electronic suspension system, which is gaining customer acceptance globally. Tenneco participated in similar shows with Toyota in Japan and North America last year.
Tenneco is a $4.7 billion U.S.-based manufacturing company with approximately 19,000 employees worldwide. In Japan, the company's engineering and sales operations are in Yokohama. 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 Clevite®Elastomer brand names.
First Call Analyst: FCMN Contact: james_spangler@tenneco.com
CONTACT: Jane Ostrander, Media Relations, Tenneco Inc., +1-847-482-5607, jostrander@tenneco.com , or Akio Tabata, AZ Worldcom Japan Co., +81 3 5575-3221, akio@w-az.co.jp
Web site: http://www.tenneco.com/
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