Tenneco completes Ohlins Racing acquisition
LAKE FOREST -- Tenneco Inc. said it has completed its acquisition of Ohlins Racing A.B., a Swedish technology company that develops premium suspension systems and components for the automotive and motor sport industries.
"Íhlins 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.
Terms of the acquisition were not announced.
The agreement to acquire Íhlins was signed and announced on Nov. 15, 2018. The 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.