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 a unique new business, a more than US$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 in a statement 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 portfolio includes well-known brands such as Monroe, Champion, Öhlins, MOOG, Walker, Fel-Pro, Wagner, Ferodo, Rancho, Thrush, National, Sealed Power, Axios and others.
Until 2017, Tenneco operated four manufacturing plants in Mexico, located in Celaya, Reynosa, Aguascalientes and Puebla. However, after the acquisition of Federal Mogul the company added 15 plants to its global footprint.
Six production sites from the Powertrain division are located each in Ciudad Juarez, Aguascalientes, Queretaro, Naucalpan de Juarez, Tepotzotlan and Mexico City. Three more manufacturing facilities from the same division are located in Puebla.
Those plants manufacture a variety of products including valve train components, bearings, pistons, spark plugs, sealings and connectors.
The motor parts division operates six production sites in Mexico, located one each in Los Reyes, Tepotzotlan, Tultitlan and Itztapalapa (Mexico City). Another two plants are located in Ciudad Juarez.
Those facilities manufacture components for clutch, brake and suspension systems, as well as filters and wipers.