EXHIBIT 99.3
news release [TENNECO LOGO]
For Immediate Release
Contacts: Jane Ostrander
Media Relations
847 482-5607
jostrander@tenneco.com
Margie Pazikas
Media Relations - Europe
32 2 706 9470
mpazikas@tenneco.com
Leslie Hunziker
Investor Relations
847 482-5042
lhunziker@tenneco.com
TENNECO AUTOMOTIVE CHANGES NAME TO TENNECO INC.
Lake Forest, Illinois, October 28, 2005 - Tenneco Automotive (NYSE: TEN)
announced today that the company has changed its name to Tenneco Inc. The name
Tenneco better represents 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. The company's stock will continue
to trade on the NYSE under the symbol TEN.
"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 P. 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
-More-
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, 2005.
Tenneco is a $4.2 billion manufacturing company with headquarters in Lake
Forest, Illinois and approximately 18,400 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(R), Walker(R), Gillet(R) and Clevite(R)Elastomer brand names. Among its
products are Sensa-Trac(R) and Monroe Reflex(R) shocks and struts, Rancho(R)
shock absorbers, Walker(R) Quiet-Flow(R) mufflers, Dynomax(R) performance
exhaust products, and Clevite(R)Elastomer noise, vibration and harshness control
components.
This press release contains forward-looking statements. Words such as "expect,"
"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, commercial and specialty vehicle manufacturers' production rates and
their actual and forecasted requirements for the company's products; (ii) the
cyclical nature of automotive and commercial and specialty vehicle production
and sales thereof; (iii) the general political, economic and competitive
conditions in markets where the company and its subsidiaries operate; (iv) 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 (v) 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. These and other factors are described in
more detail in the company's filings with the Securities and Exchange
Commission, including in its Annual Report on Form 10-K. The company undertakes
no obligation to update any forward-looking statement to reflect events or
circumstances after the date of this press release.
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