Following Tenneco's separation into two independent companies, DRiV will be the name of the future publicly traded Aftermarket and Ride Performance company, which will launch in the second half of this year.
Tenneco says DRiV will serve as one of the largest global multi-line, multi-brand aftermarket suppliers and one of the biggest original equipment 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 we are able to announce the future company's name and identity," said Tenneco co-CEO and future chairman and CEO, DriV, Brian Kesseler.
"DRiV will be a new business, a more than US$6bn 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 long-time partnerships with the world's leading OE manufacturers give us a significant competitive advantage.
"We are positioned to capitalise 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."
Show the press release
Original source: https://www.tenneco.com/driv_incorporated_to_spin_from_tenneco_later_this_year/
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