EXHIBIT 99.1
[NEWS RELEASE] [TENNECO LOGO]
Contacts: Jane Ostrander Leslie Hunziker
Media Relations Investor Relations
847 482-5607 847 482-5042
jostrander@tenneco.com lhunziker@tenneco.com
TENNECO ANNOUNCES GLOBAL DIESEL EMISSION CONTROL SYSTEM INTEGRATION
SUPPLIER RELATIONSHIP WITH CATERPILLAR
TENNECO TO SUPPLY EMISSION CONTROL SYSTEMS TO HELP ADDRESS
FUTURE DIESEL REGULATIONS
Lake Forest, Illinois, July 30, 2008 - Tenneco Inc. (NYSE: TEN) today announced
that it has become a global diesel emission control system integration supplier
to Caterpillar Inc., the world's leading manufacturer of construction and mining
equipment, and diesel engines. In this role, Tenneco will work with Caterpillar
to develop and produce diesel engine aftertreatment systems for Caterpillar
engines. These aftertreatment systems, along with Caterpillar's leading engine
emissions reduction technology, will be used globally to meet stricter diesel
emissions regulations that phase in beginning early in the next decade.
Tenneco will collaborate with Caterpillar to ensure that the right technologies
are in place to support the company's aftertreatment strategies. Both companies
have already begun development work for these programs.
"We are extremely excited to work with Caterpillar in helping address its global
emission control needs going forward," said Gregg Sherrill, Chairman and CEO,
Tenneco. "We plan to leverage our industry-leading advanced technology and our
unmatched global engineering and manufacturing footprint to support Caterpillar
in its relentless drive to provide customers with innovative products
worldwide."
Earlier this year, Tenneco announced that it projects it will achieve an average
compounded annual OE revenue growth rate of 11% to 13% between 2008 and 2012,
primarily driven by tightening emission control regulations globally. The
projection reflects the new business announced today and other new OE business
recently awarded to Tenneco, some of which has not yet been announced.
Tenneco's global emissions operations include 48 emission control manufacturing
facilities and four global engineering centers devoted to emission control
engineering and advanced technology. The company's engineering capabilities and
broad range of emission control products and systems help vehicle manufacturers
address increasingly stringent emissions and noise regulations, the drive for
better fuel efficiency and the emission control demands of diesel and other
alternative fuel and hybrid vehicles.
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ABOUT TENNECO
Tenneco is a $6.2 billion global manufacturing company with headquarters
in Lake Forest, Illinois and approximately 21,000 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(TM) and Clevite(R)Elastomer brand names.
This press release contains forward-looking statements. Words such as
"anticipate," "expects," "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 manufacturers' production rates and
their actual and forecasted requirements for the company's products, including
the company's resultant inability to realize the sales represented by its
awarded book of business; (ii) changes in consumer demand and prices, including
decreases in demand for automobiles which include the company's products, and
the potential negative impact on the company's revenues and margins from such
products; (iii) the general political, economic and competitive conditions in
markets where the company and its subsidiaries operate; (iv) workforce factors
such as strikes or labor interruptions; (v) material substitutions and increases
in the costs of raw materials; (vi) 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 (vii) 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. 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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