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Tenneco: split after Federal Mogul takeover
Separation of DRiV Incorporated and Tenneco expected later in the year.
Tenneco: split after Federal Mogul takeover
Tenneco announces that the name of its future publicly traded aftermarket and suspension company will be DRiV Incorporated. It will begin operations in the second half of the year following the separation of Tenneco Inc. into two independent companies. Following the separation, DRiV will become one of the largest global aftermarket companies with multiple product lines and brands – as well as one of the largest global suppliers of chassis and brakes to the passenger car and commercial vehicle aftermarket. DRiV will be headquartered in the Chicago metropolitan area. “DRiV will be a unique new company, a $6 billion-plus startup built on the strengths of Tenneco, Federal-Mogul and Öhlins – with a particular focus on innovation, performance, brand development and customer service,” says Brian Kesseler, Co-CEO, Tenneco, and incoming Chairman and CEO of DRiV.