Hino Motors, Ltd. to sell DuraFit™ through its national truck dealership network
Agreement demonstrates continued traction in North American commercial strategy
OXNARD, Calif., Feb. 23, 2016 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) (“CDTi” or “the Company”), a leader in advanced emission control technology, entered into a supply agreement with Hino Motors, Ltd. to distribute CDTi’s DuraFit™ diesel particulate filters (DPFs) and diesel oxidation catalysts (DOCs) to its North American network of more than 300 dealerships. Shipments to Hino are expected to commence during the current quarter.
“The agreement with Hino reflects continued commercial momentum in a key growth market for CDTi,” stated Eric Bippus, CDTi’s Executive Vice President of Sales and Marketing. “Hino is one of the top medium truck manufacturers in the U.S., and its national network is an excellent fit as CDTi further expands its North American distribution footprint. This marks another critical milestone as CDTi partners with leading OEMs to pursue the multi-million dollar opportunity for replacement DPFs and DOCs.”
Designed and manufactured in North America, DuraFit DPFs and DOCs address the fast-growing heavy duty aftermarket to replace original equipment 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 and DOCs each year since 2007 to comply with U.S. Environmental Protection Agency requirements. The typical 5-year OEM warranty on DPFs and DOCs 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 and DOC 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.
About Hino Motors, Ltd.
Hino Trucks are assembled in West Virginia by Hino Motors Manufacturing U.S.A., Inc., a subsidiary of Hino Motors, Ltd., and part of the Toyota Group Companies. Hino Motors Manufacturing U.S.A. is responsible for manufacturing trucks under the HINO brand, providing components for Toyota, and supplying service parts for HINO products.
Hino represents the Toyota Group in the global market for medium-duty trucks, heavy-duty trucks, and buses. Hino uses the Toyota Production System to achieve continuing gains in productivity and in quality throughout their operations. The Hino Brand is almost 80 years old and is recognized globally as the 3rd largest truck manufacturer in the world, and is now the fastest growing truck manufacturer in the U.S.
CDTi develops advanced materials technology for the emissions control market. CDTi’s proprietary materials provide high-value sustainable solutions to reduce hazardous emissions, increase energy efficiency and lower the carbon intensity of on- and off-road combustion engine systems. With a continuing focus on innovation-driven commercialization and global expansion, CDTi’s breakthrough Powder-to-Coat (P2C™) technology exploits the Company’s 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™. For more information, please visit www.cdti.com.
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 Hino Motors, Ltd. to distribute CDTI’s DuraFit DPFs and DOCs and the timing such distribution will commence, 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) the ability to successfully distribute the Company’s DuraFit DPFs and DOCs through Hino Motors network of dealerships; (ii) 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; (iii) prices of PGM and rare earth metals; (iv) supply disruptions or failures; (v) regulatory, marketing and competitive factors; (vi) environmental harm or damages; (vii) changes in domestic and international market and political conditions; and (viii) 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.
Source:Clean Diesel Technologies, Inc.