Tenneco Inc. is to separate into two independent companies, effective Q3 of 2019.
The manufacturers of ride performance and clean air products will launch DRiV Incorporated, which it claims will be one of the largest global OE ride performance and braking suppliers in the aftermarket.
DRiV will be based in Chicago and will also cater for light vehicle and commercial vehicle customers.
“It is a landmark day, now that we are able to announce the future company’s name and identity,” said Brian Kesseler, Co-CEO, Tenneco and future chairman and CEO, DriV. “DRiV will be a unique new business, a more than US$6 billion start-up, built from the combined strengths of Tenneco, Federal-Mogul and Öhlins – laser-focused on innovation, performance, brand development and customer service.”
DRiV’s aftermarket business, which will be known as “Motorparts,” will develop, manufacture and distribute a broad portfolio of products in the global vehicle aftermarket.
Following the acquisition of Federal-Mogul in October 2018, Tenneco’s separation into two independent, publicly traded companies is expected to be complete in the second half of 2019.
After the spin-off, the remaining Tenneco businesses will focus on powertrain systems technology and will retain the Tenneco name.