Tenneco/Federal-Mogul Spinoff to be Named “Driv”
The spinoff company resulting from Tenneco Inc.’s acquisition of Federal-Mogul Corp. last year will be called Driv Inc.
The new company includes suspension and braking products. Annual sales are estimated to be about $6.4 billion, split between aftermarket (56%) and original equipment (44%) customers.
Driv will be headquartered in Lake Forest, Ill., which is where Tenneco was based. Led by former Tenneco CEO Brian Kesseler, the new company plans an initial public stock offering later this year.
Driv inherits such well-known brands as Axios, Champion, Fel-Pro, Ferodo, Monroe, Moog, National, Ohlins, Sealed Power, Thrush, Wagner and Walker. Monroe makes the Driv electronic suspension technology.
Tenneco completed its $5.4 billion acquisition of Federal-Mogul last October. Following Driv’s spin-off, Federal-Mogul’s remaining powertrain and emissions business will retain the Tenneco name. Those businesses will be based in Detroit with annual sales valued at $10.7 billion.
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