Tenneco to Webcast Presentation at the 42nd Annual Automotive Aftermarket Symposium
October 24, 2018
LAKE FOREST, Ill.–(BUSINESS WIRE)–Tenneco Inc. (the “Company”) (NYSE: TEN) will participate in the 42nd
Annual Automotive Aftermarket Symposium to be held in Las Vegas on
Tuesday, October 30, 2018. The webcasted presentation is scheduled to
begin at 12:00 pm Eastern and run for 30 minutes. Brian Kesseler,
co-Chief Executive Officer, will give a strategic overview and provide
information regarding matters impacting Tenneco’s outlook.
The live webcast can be accessed by going to the “Investors” portion of
its web site at www.investors.tenneco.com.
A copy of the slides also will be available under the “Events &
Presentations” tab in this section of the web site. A replay of the
webcast will be available through November 30, 2018.
About Tenneco
Headquartered in Lake Forest, Illinois, Tenneco is one of the world’s
leading designers, manufacturers and marketers of Ride Performance and
Clean Air products and technology solutions for diversified markets,
including light vehicle, commercial truck, off-highway equipment and the
aftermarket, with 2017 revenues of $9.3 billion and approximately 32,000
employees worldwide.
On October 1, 2018, Tenneco completed the acquisition of Federal-Mogul,
a leading global supplier to original equipment manufacturers and the
aftermarket with nearly 55,000 employees globally and 2017 revenues of
$7.8 billion. Additionally, the company expects to separate its
businesses to form two new, independent companies, an Aftermarket and
Ride Performance company as well as a new Powertrain Technology company,
in late 2019.
About the Future Aftermarket and Ride Performance Company
Following the separation, the aftermarket and ride performance company
will be one of the largest global multi-line, multi-brand aftermarket
companies, and one of the largest global OE ride performance and braking
companies. The aftermarket and ride performance company’s principal
product brands will feature Monroe®, Walker®, Clevite®Elastomers, MOOG®,
Fel-Pro®, Wagner®, Champion® and others. The Aftermarket and Ride
Performance company would have 2017 pro-forma revenues of $6.4 billion,
with 57% of those revenues from aftermarket and 43% from original
equipment customers.
About the Future Powertrain Technology Company
Following the separation, the powertrain technology company will be one
of the world’s largest pure-play powertrain companies serving OE markets
worldwide with engineered solutions addressing fuel economy, power
output, and criteria pollution requirements for gasoline, diesel and
electrified powertrains. The powertrain technology company would have
2017 pro-forma revenues of $10.7 billion, serving light vehicle,
commercial truck, off-highway and industrial markets.
Safe Harbor
This release contains forward-looking statements. These forward-looking
statements include, but are not limited to, (i) all statements, other
than statements of historical fact, included in this communication that
address activities, events or developments that we expect or anticipate
will or may occur in the future or that depend on future events and (ii)
statements about our future business plans and strategy and other
statements that describe Tenneco’s outlook, objectives, plans,
intentions or goals, and any discussion of future operating or financial
performance. These forward-looking statements are included in various
sections of this communication and the words “may,” “will,” “believe,”
“should,” “could,” “ plan,” “expect,” “anticipate,” “estimate,” and
similar expressions (and variations thereof) are intended to identify
forward-looking statements. Forward-looking statements included in this
release concern, among other things, the benefits of the Federal-Mogul
acquisition; the combined company’s plans, objectives and expectations;
future financial and operating results; and other statements that are
not historical facts. 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 outcome of any legal proceeding that may be instituted against
Tenneco and others following the announcement of the transaction; the
possibility that the combined company may not complete the spin-off of
the Aftermarket & Ride Performance business from the Powertrain
Technology business (or achieve some or all of the anticipated benefits
of such a spin-off); the possibility that the transaction 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 transaction, including synergies, may not
be fully realized or may take longer to realize than expected; the risk
that the transaction may not advance the combined company’s business
strategy; the risk that the combined company may experience difficulty
integrating all employees or operations; the potential diversion of
Tenneco management’s attention resulting from the transaction; 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.
In addition, the forward-looking statements contained herein pertaining
to the company’s performance 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) general economic, business and market conditions;
(ii) the company’s ability to source and procure needed materials,
components and other products and services in accordance with customer
demand and at competitive prices;
(iii) the cost and outcome of existing and any future claims, legal
proceedings, or investigations, including, but not limited to, any of
the foregoing arising in connection with the ongoing global antitrust
investigation, product performance, product safety or intellectual
property rights;
(iv) changes in capital availability or costs, including increases in
the company’s costs of borrowing (i.e., interest rate increases), the
amount of the company’s debt, the ability of the company to access
capital markets at favorable rates, and the credit ratings of the
company’s debt;
(v) changes in consumer demand, prices and the company’s ability to have
our products included on top selling vehicles, including any shifts in
consumer preferences to lower margin vehicles, for which we may or may
not have supply arrangements;
(vi) changes in automotive and commercial vehicle manufacturers’
production rates and their actual and forecasted requirements for the
company’s products such as the significant production cuts during recent
years by automotive manufacturers in response to difficult economic
conditions;
(vii) the overall highly competitive nature of the automobile and
commercial vehicle parts industries, and any resultant inability to
realize the sales represented by the company’s awarded book of business
which is based on anticipated pricing and volumes over the life of the
applicable program;
(viii) the loss of any of our large original equipment manufacturer
(“OEM”) customers (on whom we depend for a substantial portion of our
revenues), or the loss of market shares by these customers if we are
unable to achieve increased sales to other OEMs or any change in
customer demand due to delays in the adoption or enforcement of
worldwide emissions regulations;
(ix) the company’s continued success in cost reduction and cash
management programs and its ability to execute restructuring and other
cost reduction plans, including our current cost reduction initiatives,
and to realize anticipated benefits from these plans;
(x) risk inherent in operating a multi-national company, including
economic conditions, such as currency exchange and inflation rates, and
political environments in the countries where we operate or sell our
products, adverse changes in trade agreements, tariffs, immigration
policies, political stability, and tax and other laws, and potential
disruption of production and/or supply;
(xi) workforce factors such as strikes or labor interruptions;
(xii) increases in the costs of raw materials, including the company’s
ability to successfully reduce the impact of any such cost increases
through materials substitutions, cost reduction initiatives, customer
recovery and other methods;
(xiii) the negative impact of fuel price volatility on transportation
and logistics costs, raw material costs, discretionary purchases of
vehicles or aftermarket products, and demand for off-highway equipment;
(xiv) the cyclical nature of the global vehicular industry, including
the performance of the global aftermarket sector and longer product
lives of automobile parts;
(xv) product warranty costs;
(xvi) the failure or breach of our information technology systems and
the consequences that such failure or breach may have to our business;
(xvii) 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 the market;
(xviii) changes by the Financial Accounting Standards Board or other
accounting regulatory bodies to authoritative generally accepted
accounting principles or policies;
(xix) changes in accounting estimates and assumptions, including changes
based on additional information;
(xx) the impact of the extensive, increasing and changing laws and
regulations to which we are subject, including environmental laws and
regulations, which may result in our incurrence of environmental
liabilities in excess of the amount reserved;
(xxi) natural disasters, acts of war and/or terrorism and the impact of
these occurrences or acts on economic, financial, industrial and social
condition, including, without limitation, with respect to supply chains
and customer demand in the countries where the company operates; and
(xxii) 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.
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, 2017.
Contacts
Tenneco
Linae Golla
Investor Inquiries
847 482-5162
lgolla@tenneco.com
or
Bill
Dawson
Media Inquiries
847 482-5807
bdawson@tenneco.com