SKF, Tenneco Automotive, TRW and Valeo to engage in plans to provide enhanced au
SKF, Tenneco Automotive, TRW and Valeo to engage in plans to provide enhanced automotive aftermarket services in Europe SKF, Tenneco Automotive, TRW and Valeo have signed a memorandum of understanding relating to the development of plans for a strategic alliance for the provision of enhanced services for their European automotive aftermarket customers. The companies will now undertake detailed studies of opportunities to share skills and resources and to improve overall performance and efficiency. The focus of the planned alliance will be on training and technical support services and logistics - particularly in the area of transportation. The organisations are looking to provide additional and improved commercial offerings to their customers, pulling together their skills and expertise in training and technical support using traditional initiatives and exploring the potential application of new media technologies. The joint skills of the parties could enable them to put together a comprehensive package that would cover most of the needs of the automotive aftermarket industry, now and in the future. Another area of joint review will be physical logistics, in particular, potential synergies in transportation to customers. The objective is to improve logistics service to customers in the most cost effective way. The four companies will continue as independent and separate entities in both original equipment and the aftermarket. Each will retain its own product brands, product programmes, channels of distribution and commercial activities. Each company anticipates that there will be no impact on the involvement in any existing partnerships or initiatives. The focus of the proposed alliance between the companies is the European automotive aftermarket. Formation of any alliance between the companies, based on the above projects, will depend on the results of the joint review and the parties' negotiations and be subject to customary conditions such as receipt of necessary government approvals. SKF SKF is the leading global supplier of products, customer solutions and services in the rolling bearing and seals business. The Group's competencies include business areas such as technical support, maintenance services, condition monitoring and training. The Group's sales were some 40 billion SEK for the year 2000. Tenneco Automotive Tenneco Automotive is a $3.5 billion manufacturing company headquartered in Lake Forest, Ill., with 23,000 employees worldwide. Tenneco Automotive is one of the world's largest producers and marketers of ride control and exhaust systems and products, which are sold under the Monroe ® and Walker ® global brand names. TRW TRW's aftermarket business is part of TRW Chassis Systems, a world leader in braking and steering and suspension systems, commercial steering and engine components. TRW Inc. (NYSE:TRW) provides advanced technology products and services to the automotive aerospace and information technology markets. Valeo Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for cars and trucks and ranks amongst the world's top automotive suppliers. The Group has 189 plants, 45 R&D centres, 10 distribution centres and employs 76,000 people in 29 countries worldwide Göteborg, March 13, 2001 Aktiebolaget SKF (publ.) For further information, please contact: Lars G Malmer, SKF Group Communication, tel +46-(0)705 371541, e-mail: Lars.G.Malmer@skf.com Tenneco Automotive Peter Dercon +32 2 706 9241 Valeo Simon Gillham +33 1 40 55 20 66 TRW Lynette Jackson +44 121 506 5176 Aktiebolaget SKF, SE-415 50 Göteborg, Sweden, tel +46-31-3371000, fax +46-31-3372832, www.skf.com ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/03/13/20010313BIT00040/bit0002.doc http://www.bit.se/bitonline/2001/03/13/20010313BIT00040/bit0002.pdf