New relationship between Allison and Odyne will benefit commercial hybrid trucks with urban drive cycles and high energy requirements while the vehicle is stationary
INDIANAPOLIS, Indiana, USA – Allison Transmission Inc. (NYSE: ALSN), the world’s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and hybrid-propulsion systems for city buses, today announced it has invested in a non-controlling equity stake in Odyne Systems LLC.
Odyne, a leading manufacturer of advanced hybrid control systems, designed and developed an innovative plug-in hybrid power system which interfaces with the Allison family of commercial vehicle transmissions. The new relationship between Allison and Odyne will directly benefit hybrid vehicle operators in vocations such as utility bucket trucks, digger derricks, cranes and other applications that require worksite stationary power.
“Odyne Systems’ expertise and experience in the development and manufacture of advanced hybrid control systems made them an attractive partner,” said Lawrence E. Dewey, Chairman, President and CEO of Allison Transmission. “Fundamentally, I believe commercial vehicle operators who require a clean and sustainable stationary power source will appreciate the features and benefits that Odyne and Allison bring to the industry.”
Joe Dalum, President of Odyne Systems said, “This relationship between Allison and Odyne brings together two leading companies focused on enhancing the performance and efficiency of the overall powertrain. Our solutions help companies and communities meet sustainability objectives, lower costs and reduce worksite noise. It also becomes especially relevant with today’s varying fuel prices and the drive to reduce emission levels.”
Allison Transmission has been a leader in hybrid-propulsion technology since the early 1990s. During that time, Allison developed hybrid propulsion systems for city buses, which went into production in 2003. By the end of 2011, city buses equipped with the Allison H 40/50 EP hybrid system were operating in 230 cities worldwide. It has been estimated that these vehicles have saved over 26 million gallons of diesel fuel (99 million liters) and prevented over 259 metric tons of carbon dioxide from being emitted into the atmosphere.
Allison Transmission is one of the most recognized brands in the industry as a result of performance, reliability, quality, and fuel efficiency. Globally, in 2011, Allison Transmission sold an estimated 62 percent of all fully-automatic transmissions in the markets it serves.
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements, including all statements regarding future financial results. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plans," "project," "anticipate," "believe," "estimate," "predict," "intend," "forecast," "could," "potential," "continue" or the negative of these terms or other similar terms or phrases. Forward-looking statements are not guarantees of future performance and involve known and unknown risks. Factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made include, but are not limited to: risks related to our substantial indebtedness; uncertainty in the global regulatory and business environments in which we operate; our participation in markets that are competitive; the highly cyclical industries in which certain of our end users operate; the failure of markets outside North America to increase adoption of fully-automatic transmissions; the concentration of our net sales in our top five customers and the loss of any one of these; future reductions or changes in government subsidies for hybrid vehicles and other external factors impacting demand; U.S. defense spending; general economic and industry conditions; the discovery of defects in our products, resulting in delays in new model launches, recall campaigns and/or increased warranty costs and reduction in future sales or damage to our brand and reputation; our ability to prepare for, respond to and successfully achieve our objectives relating to technological and market developments and changing customer needs; risks associated with our international operations; labor strikes, work stoppages or similar labor disputes, which could significantly disrupt our operations or those of our principal customers; our intention to pay dividends and repurchase shares of our common stock; and other risks and uncertainties associated with our business described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information is as of the date of this press release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.
SOURCE Allison Transmission Holdings Inc.