Tenneco spinoff company to be called DRiV
LAKE FOREST - Tenneco announced its spinoff aftermarket and ride performance company will be called DRiV Incorporated.
The publicly-traded company will launch in the second half of the year, when Tenneco will split into two independent companies.
Once it spins off, DRiV will serve as one of the largest global multi-line, multi-brand aftermarket suppliers and one of the largest global original equipment ride performance and braking suppliers to aftermarket, light vehicle, and commercial vehicle customers.
DRiV will be headquartered in the greater Chicago area.
"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," said Brian Kesseler, Co-CEO, Tenneco and future chairman and CEO, DRiV.
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. Through the acquisition of Federal-Mogul in 2018, the company has built an industry-leading brand portfolio that positions it to become one of the largest global suppliers of replacement parts to the global aftermarket. Its stable of well-respected, enduring brands includes Monroe, Champion, Öhlins, MOOG, Walker, Fel-Pro, Wagner, Ferodo Rancho, Thrush, National, Sealed Power, Axios and others.