Tenneco is bringing a new company to the aftermarket.
The company announced Thursday it will separate its business operations into two independent companies in the second half of 2019 when it launches publicly traded aftermarket and ride performance company DRiV Incorporated.
Once it debuts, Tenneco says 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,” says Brian Kesseler, Tenneco co-CEO 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.”
Tenneco says the DRiV name is emblematic of what the new company expects to be — a global leader in the aftermarket and original equipment businesses, driving advancements that help people get the most out of every vehicle, every ride, every race, and every journey.
The black, red and silver logo is connected to a rich heritage of performance, Tenneco says. The overall design is confident with a circular shape that evokes a tachometer, representing speed, strength, and pushing boundaries. Additionally, the company says the uniquely styled letters that form the company name are clean, dynamic, and forward-leaning. In the logo design, the DRiV name incorporates a special character for the “i” that has multiple meanings. It can be read as a letter “i” which also represents integrity, innovation and insight. And it can also be read as the number “1,” which implies “our one team,” the company says.
“The DRiV name and logo is distinctive, standing out from the competition in both the original equipment and aftermarket spaces,” says Scott Usitalo, the company’s chief marketing officer. “It personifies the idea that there’s a driving force behind anything in motion. Our mission is to be a driving force that moves people — offering them enhanced ride experiences through differentiated brands, products and technologies. DRiV is an active name that inspires energy and movement, and signals what we intend to provide to our customers – superior driving advancements.”
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, Tenneco says 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 enduring brands includes Monroe, Champion, Öhlins, MOOG, Walker, Fel-Pro, Wagner, Ferodo Rancho, Thrush, National, Sealed Power, Axios and others.
The original equipment business, known as “Ride Performance,” will be 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, the company adds.