DRiV Incorporated is the name of the future publicly traded Aftermarket and Ride Performance company that will launch in the second half of this year, following Tenneco Inc.’s (NYSE: TEN) separation into two independent companies, Tenneco announced today. Once it spins, DRiV™ will serve as one of the largest global multi-line, multi-brand aftermarket suppliers and one of the largest global original equipment (OE) ride performance and braking suppliers to aftermarket, light vehicle, and commercial vehicle customers. DRiV will be headquartered in the greater Chicago area.
“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. We are strategically positioned to capitalize on secular trends such as the expansion of vehicles in operation globally, as well as growth in intelligent suspension, new mobility models and the evolution of autonomous driving.”
Aftermarket Business – Motorparts
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.
Original Equipment Business – Ride Performance
The original equipment business, known as “Ride Performance,” is one of the world’s largest ride performance businesses, developing, manufacturing and supplying leading global original equipment manufacturers with shock absorbers, struts, NVH performance materials and brake friction.
Following the acquisition of Federal-Mogul in October 2018, Tenneco’s separation into two independent, publicly traded companies is expected to be complete in the second half of 2019. After the spin-off, the remaining Tenneco businesses will focus on powertrain systems technology and will retain the Tenneco name.
Lake Forest, Illinois, February 14, 2019