Upplands Väsby, Öhlins Racing AB.
LAKE FOREST, Ill.–(BUSINESS WIRE)– Tenneco Inc. (NYSE: TEN) announced today that it has completed its acquisition of Öhlins Racing A.B. (“Öhlins”), a Swedish technology company that develops premium suspension systems and components for the automotive and motorsport industries.
“Öhlins is an integral part of what will become our new Aftermarket and Ride Performance company. Its premium technology and brand reputation will strengthen our OE and aftermarket portfolios while enhancing our position in the global advanced suspension systems space. This transaction is yet another example of our strategy to leverage key technologies that will better position Tenneco to take advantage of secular trends in intelligent suspension, autonomous driving and mobility,” said Brian Kesseler, co-CEO, Tenneco.
The agreement to acquire Öhlins was signed and announced on November 15, 2018. Today’s closing precedes the planned separation of Tenneco into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an Aftermarket and Ride Performance company and a Powertrain Technology company. The spin-off, which is expected to be complete in the second half of 2019, is part of Tenneco’s transformation that follows its acquisition of Federal-Mogul in October 2018.
More information about the closing is available through this link.