Tenneco to acquire Swedish tech company
LAKE FOREST- Tenneco Inc. has signed an agreement to acquire Öhlins Racing A.B., a Swedish technology company that develops premium suspension systems and components for the automotive and motor sport industries, for approximately $160 million.
The addition of Öhlins will accelerate the development of advanced original equipment (OE) intelligent suspension solutions, while also fast-tracking time to market, according to Tenneco officials. It will also enhance Tenneco's portfolio in broader mobility markets with the addition of Öhlins' range of premium OE and aftermarket automotive and motor sports performance products.
“Öhlins' technology team will allow us to rapidly grow our product offerings for current and future customers, as well as help us win a larger share of business in developing mobility markets,” said Brian Kesseler, co-CEO, Tenneco.
Founder Kenth Öhlin will retain a minority interest in Öhlins and partner with Tenneco to provide continuity in his strategic and technological vision.
The acquisition is expected to close in the first quarter of 2019, subject to regulatory approvals and other customary closing conditions.