SOUTHFIELD, Mich., April 28, 2020 /PRNewswire/ -- Tenneco
Inc.'s (NYSE:TEN) Powertrain business group has been recognized
with a 2020 Automotive News PACE Award for its
second-generation polymer bearing technology, IROX®
2, a universal solution for all engine applications. The
prestigious PACE award recognizes automotive suppliers for superior
innovation, technological advancement and business performance.
"Tenneco's powertrain technologies continue to deliver critical
solutions for our customers as they look to achieve greater levels
of durability and performance for highly loaded and downsized
engines," said Keri Westbrooke, Vice President and Chief
Technology Officer, Tenneco Powertrain business group. "We're very
honored to be recognized once again by the Automotive
News PACE judges as a game-changer in this highly
competitive market. Congratulations to all the winners."
An industry leading development, Tenneco's IROX®
2 bearings provide outstanding seizure and wear resistance,
load capacity and conformability for the most critical engine
operating conditions. The IROX 2 coating features an enforced
polymeric binder material with a highly effective synergistic
filler composition and can be used for nearly every engine
application, from high-performance sports cars to large heavy-duty
diesel trucks. Since the launch of IROX 2, nearly 10 million
bearings have been produced using this advanced technology, with
that number expected to grow to more than 40 million units by
2022.
The 26th annual PACE Award was presented by Automotive
News and Automotive Parts Manufacturers' Association (APMA).
The competition was open to suppliers who contribute products,
processes, materials or services directly to the manufacture of
cars or trucks. The Automotive News PACE Award is accepted around
the world as the industry benchmark of innovation.
Tenneco's Powertrain business group has had a successful history
with PACE, earning 17 awards since 2006. The company has received
PACE recognition for innovative products including:
DuraForm-G91® piston alloy; MicroTorq®
sealing technology; DuroGlide® low friction ring pack
technologies; lead-free engine bearings; IROX®
first-generation polymer engine bearings; High Modulus Bonded
Piston technology; EcoTough®-coated piston;
LKZ-Ring® High-Temperature Alloy (HTA) gaskets;
Goetze® Diamond Coating (GDC®) for piston
rings; and the company's Monosteel® diesel piston.
Awards have also been granted for the company's unique
manufacturing processes, including: PRiME 3D®
simulation software; Hybrid Induction Welding; Two-Dimensional
Ultrasonic Testing for Raised Gallery
Pistons; DuraBowl® piston reinforcement process;
and High Precision Electro-Erosion Machining (HPEEM).
Tenneco earned the Automotive News PACE Award following an
extensive review by an independent panel of judges including a
comprehensive written application and site visit. For
complete details of the Automotive News PACE Award, visit
www.autonews.com/pace.
About Tenneco
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
new, independent companies: DRiV, an Aftermarket and Ride
Performance company, and New Tenneco, a Powertrain Technology
company.
About the new Tenneco – the future Powertrain Technology
company
Following Tenneco's expected separation to form two
independent companies, an Aftermarket and Ride Performance company
(DRiV™) as well as a new Powertrain Technology company, the new
Tenneco 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
new Tenneco would have 2019 revenues of $11.45 billion, serving light vehicle, commercial
truck, off-highway and industrial markets.
About DRiV™ - the future Aftermarket and Ride Performance
Company
Following the separation, DRiV 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. DRiV's principal product brands will feature
Monroe®, Öhlins®, Walker®, Clevite®Elastomers, MOOG®, Fel-Pro®,
Wagner®, Ferodo®, Champion® and others. DRiV would have 2019
revenues of $5.9 billion, with 53% of
those revenues from aftermarket and 47% from original equipment
customers.
Safe Harbor
This release contains forward-looking
statements. These forward-looking statements include, among others,
statements relating to our strategies and plans to separate into
two independent public 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, 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.
CONTACT:
Steve Blow
Executive Director, Global Corporate Communications
+1 517-262-0655
sblow@tenneco.com
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SOURCE Tenneco Inc.