Tenneco Announces DRiV Inc. Spinoff
14 February 2019
Tenneco announced that the new publicly traded aftermarket and ride performance company that will launch in the second half of this year following Tenneco Inc.’s separation into two independent companies will be named DRiV Incorporated. The move is the result of Tenneco’s 2018 acquisition of Federal-Mogal.
To be headquartered in the Chicago are, DRiV will serve as a global multi-line, multi-brand aftermarket supplier and a global original equipment (OE) ride performance and braking supplier to light vehicle and commercial vehicle markets.
“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 $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.
“Our global scale, our stable of well-respected and enduring aftermarket brands and our longtime partnerships with the world’s leading original equipment manufacturers give us a significant competitive advantage.”
DRiV’s aftermarket business, to be known as Motorparts, will develop, manufacture and distribute a broad portfolio of products in the global vehicle aftermarket. The original equipment business, to be branded as Ride Performance, will supply global original equipment manufacturers with shock absorbers, struts, NVH performance materials and brake friction.
Tenneco’s remaining businesses, which incorporate clean air technology and powertrain systems and components from Federal-Mogul, will retain the Tenneco name. The separation of DRiV and Tenneco is expected to be complete in the second half of this year.