Tenneco Inc. (NYSE: TEN) has been selected as a winner of the Volvo Group Purchasing Supplier Awards 2014.
Tenneco was awarded the Cost Excellence Award for what Volvo described as its “contribution of breakthrough ideas and initiatives to meet material cost saving targets and its active participation in events, workshops and idea generation.” Tenneco supplies Volvo Group Trucks with cabin and axle dampers for heavy-duty applications in Europe, Russia, North America and Brazil. The company also supplies Volvo with elastomers in North America.
The Volvo Group Purchasing Supplier Awards 2014 recognizes the best performing suppliers for their contribution within six key categories that support Volvo Group Trucks’ Strategic Objectives 2013-2015. Suppliers are judged based on their strong relationships with Volvo Group Trucks; collaboration to drive growth, profitability and continuous improvement and their ability to meet high customer expectations.
Accepting the award on behalf of Tenneco at a ceremony held during the Hanover Truck Show (IAA 2014), Gregg Sherrill, Chairman and CEO, Tenneco, said: “Tenneco is honored to be recognized with this unique award and proud to partner with Volvo Group Purchasing on its Material Cost Program. This award recognizes our commitment to Value Analysis/Value Engineering (VA/VE) activities in which we work with our customers to continuously identify opportunities to reduce costs throughout the value chain.”
Tenneco’s Ride Performance division was selected among 2,700 suppliers delivering 1.9 billion parts in series production to Volvo Group trucks plants annually.