CDTi and PACCAR Parts Sign Multi-Year Distribution Agreement for DuraFit(TM)
October 08 2015 - 8:00AM
Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or "the
Company"), a leader in advanced emission control technology, signed
a multi-year contract with PACCAR Parts to distribute CDTi's
DuraFit™ diesel particulate filters (DPFs) to its North American
network of more than 670 Peterbilt and Kenworth dealerships. PACCAR
Parts operates a network of parts distribution centers offering
aftermarket support to Peterbilt, Kenworth and DAF dealers and
customers around the world. Shipments to PACCAR Parts are expected
to commence during the current quarter.
"Our agreement with PACCAR represents a key milestone in our
plan to secure national distribution channels for DuraFit original
equipment manufacturer (OEM) replacement DPFs in North America,"
stated Eric Bippus, CDTi's Executive Vice President of Sales and
Marketing. "PACCAR has earned a reputation for unsurpassed quality
and PACCAR Parts is a leader in the distribution, sales and
marketing of aftermarket parts that provide higher levels of
quality and value. DuraFit DPFs are available for almost every
major diesel OEM. PACCAR's national network provides a premier
platform for CDTi to pursue the multi-million dollar opportunity
for replacement DPFs."
Designed and manufactured in North America, DuraFit DPFs are
exact-fit OEM replacements that meet or exceed OEM emissions
requirements. DuraFit DPFs are backed by an industry-leading
2-year, unlimited mileage warranty and are fully-supported by a
growing distributor network and field application specialists.
DuraFit DPFs address the fast-growing heavy duty aftermarket to
replace original equipment DPF units. According to market analysis
firm Power System Research, North American OEMs have produced an
average of 250,000 heavy duty on-road diesel vehicles equipped with
DPFs each year since 2007 to comply with U.S. Environmental
Protection Agency requirements. The typical 5-year OEM warranty on
DPFs has expired for many of these vehicles which are now owned by
second or third owners. In many medium and heavy duty diesel
vehicles, the DPF is expected to be replaced two or three times
during the vehicle's lifetime. According to a 2012 industry
report, the market for medium and heavy duty vehicle
after-treatment maintenance and repair is projected to grow to $3.0
billion by 2017.
For more information on CDTi's line of DuraFit™ products, please
visit www.durafit-exhaust.com, email us at info@durafit-exhaust.com
or call us toll free at 1-800-753-3212.
About PACCAR and PACCAR Parts
PACCAR is a global technology leader in the design, manufacture
and customer support of premiumlight-, medium- and heavy-duty
trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR
also designs and manufactures advanced diesel
engines, provides financial services, information technology,
and distributes truck parts related to its principal
business. PACCAR reported total worldwide Revenue of $18.99
billion in 2014 and delivered 142,900 new trucks to its
customers.
PACCAR Parts, a division of PACCAR, is a global leader in the
distribution, sales and marketing of aftermarket parts for heavy
and medium-duty trucks, trailers, buses, and engines. Featuring
state-of-the-art distribution processes, award-winning sales and
marketing programs and industry-leading quality management, PACCAR
Parts provides aftersales support to DAF, Kenworth and Peterbilt
dealer locations around the world. PACCAR Parts reported total
worldwide Aftermarket Parts Revenue of $3.1 billion in 2014.
About CDTi
CDTi manufactures and distributes vehicle emissions control
products that leverage its advanced materials technology. CDTi
utilizes its proprietary technology to provide high-value
sustainable solutions to reduce emissions, increase energy
efficiency and lower the carbon intensity of on- and off-road
combustion engine systems. Continuing its focus on innovation and a
strategy to scale its business globally, CDTi is pursuing a
Powder-to-Coat (P2C™) business model that exploits
high-performance, advanced low-platinum group metal (PGM) emission
reduction catalysts. Key technology platforms include Mixed Phase
Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™),
Synergized PGM (SPGM™), Zero PGM (ZPGM™) and Spinel™. CDTi is
headquartered in Oxnard, California and has operations in Canada,
Japan, the United Kingdom and Sweden. For more information, please
visit www.cdti.com.
Forward-Looking Statements
Certain information contained in this press release constitutes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including any statements
that are not statements of historical fact. You can identify these
forward-looking statements by the use of the words "believes",
"expects", "anticipates", "plans", "may", "will", "would",
"intends", "estimates", "promises", and other similar expressions,
whether in the negative or affirmative. Forward-looking statements
are based on a series of expectations, assumptions, estimates and
projections which involve substantial uncertainty and risk. In this
press release, the Company includes forward looking statements
regarding the potential benefits of CDTI's DuraFit replacement
DPFs, the ability of PACCAR Parts to distribute CDTI's products,
the potential market size for medium and heavy duty vehicle
after-treatment maintenance and repair, and the anticipated further
testing, development, potential applications, commercialization
opportunities and potential benefits of CDTi's catalyst
technologies. In general, actual results may differ materially from
those indicated by such forward-looking statements as a result of
risks and uncertainties, including, but not limited, to (i) any
inability of the Company to (a) decrease costs, (b) increase sales,
(c) obtain adequate funding, (d) retain existing or secure new
customers (e) protect its intellectual property, (f) successfully
evolve into an advanced materials supplier or, even if successful,
achieve profitability, (g) successfully market its DuraFit
replacement DPFs and other new products; (h) obtain required
product verification or approvals, (i) attract or retain key
personnel, or (j) realize benefits from investments; (ii) prices of
PGM and rare earth metals; (iii) supply disruptions or failures;
(iv) regulatory, marketing and competitive factors; (v)
environmental harm or damages, (vi) changes in domestic and
international market and political conditions; and (vii) other
risks and uncertainties discussed or referenced in the Company's
filings with the Securities and Exchange Commission, including its
most recent Annual Report on Form 10-K. In addition, any
forward-looking statements represent the Company's estimates only
as of the date of such statements and should not be relied upon as
representing the Company's estimates as of any subsequent date. The
Company specifically disclaims any obligation to update
forward-looking statements. All forward-looking statements in this
press release are qualified in their entirety by this cautionary
statement.
Contact Information:
Becky Herrick or Cathy Mattison LHA (IR Agency) +1 415 433 3777
bherrick@lhai.com cmattison@lhai.com
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