Pirelli & C. Ambiente and Clean Diesel Technologies, Inc. Form JV to Market and Sell Emission Control Products in Europe and th
February 20 2013 - 9:00AM
Pirelli & C. Ambiente SpA and Clean Diesel Technologies, Inc.
(Nasdaq:CDTI) (CDTi) today announced the signing of an agreement to
form a joint venture company to market and sell emissions control
products for both gasoline and diesel applications in Europe and
the CIS countries. The new joint venture company, Eco Emission
Enterprise Srl, will be located in Milan, Italy, and is expected to
begin operations in March 2013.
Through the joint venture, CDTi and Pirelli aim to consolidate
their leadership in supplying solutions to control polluting
emissions for the on-road and off-road heavy and light duty
markets, both in the Original Equipment and After Market segments.
In addition, the two companies intend to enhance the synergies
deriving from the joint venture through eventual joint initiatives.
The agreement entails the supply to the joint venture of silicon
carbide substrates by Pirelli & C. Eco Technology RO (Romania)
and emission control solutions by CDTi. Eco Emission Enterprise
Srl, which will have an international management team, will operate
as the commercial arm for both partners on the European market.
"We take great pride in forming a strategic joint venture with
Pirelli, a globally-renowned multinational company with leading
technologies and products," said Craig Breese, Chief Executive
Officer of CDTi. "The formation of the joint venture enhances
our combined product portfolios and capabilities and aligns well
with both companies' business development strategy. This agreement
expands and enhances CDTi's presence in Europe and leverages
Pirelli's longstanding OEM relationships and rich history as a
global leader in the European market, making them the perfect
partner for CDTi."
"With their high level of technological expertise and long
experience in emissions' control systems, CDTi is an ideal partner
with whom to develop commercial initiatives for the distribution of
our products. The joint venture is a first step and will allow us
to develop important synergies and expand our markets of reference,
as well offering our clients an ever more complete range of
products with high level technological components," said Giorgio
Bruno, Chief Executive Officer of Pirelli & C. Ambiente.
CDTi is a vertically integrated global
manufacturer and distributor of emissions control systems and
products, focused on the heavy duty diesel and light duty vehicle
markets. CDTi utilizes its proprietary patented Mixed Phase
Catalyst (MPC®) technology, as well as its ARIS® selective
catalytic reduction, Platinum Plus® fuel-borne catalyst, and other
technologies to provide high-value sustainable solutions to reduce
emissions, increase energy efficiency and lower the carbon
intensity of on- and off-road engine applications. CDTi is
headquartered in Ventura, California and currently has operations
in the U.S., Canada, U.K., France, Japan and Sweden.
The CDTi logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5742
Pirelli & C. Ambiente S.p.A provides
solutions for sustainable development in relation to energy
production. This includes alternative combustion fuels such as
CDR-P, a high quality combustible derived from solid urban waste,
as well as photovoltaic and wind installations through its indirect
holding in Greentech Energy Systems A/S. Pirelli & C.
Eco Technology RO (Romania), develops and produces
environmental solutions principally based on silicon carbide. Both
companies are 100%-owned units of the Pirelli Group.
The Pirelli logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=17216
Forward-Looking Statements Safe Harbor. Certain
statements in this news release, such as statements regarding
future collaborations or joint initiatives, or the possibility of
increased sales or market expansion, constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
or unknown risks, including those detailed in CDTi's filings with
the U.S. Securities and Exchange Commission, uncertainties and
other factors that may cause the actual results, performance or
achievements of CDTi to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof. Neither CDTi nor Pirelli assume any
obligation to update the forward-looking information contained in
this release.
CONTACT: CDTi Investor Relations
Tel. +1 (805) 639 9555
ir@cdti.com
www.cdti.com
Pirelli Press Office
Tel. +39 02 64424270
pressoffice@pirelli.com
Pirelli Investor Relations
Tel. +39 02 64422949
ir@pirelli.com
www.pirelli.com
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