Tenneco announced today it has entered into an agreement to sell Öhlins Racing, a leading manufacturer of premium suspension technology, to Brembo, a global leader in the manufacturing of high-performance braking systems and components. The sale marks a key milestone in advancing Tenneco’s strategic priorities.
“This sale not only positions Öhlins Racing and its employees for continued success under Brembo’s leadership in the market, but it also supports Tenneco’s strategy of streamlining our business portfolio and strengthening our balance sheet as we continue to execute on our long-term vision,” said Jim Voss, CEO of Tenneco.
“As we join forces with Brembo, we are excited to unlock new growth opportunities and leverage our respective strengths and assets to drive innovation and deliver even greater value to our customers and employees,” said Tom Wittenschlaeger, CEO of Öhlins Racing.
“Öhlins is a strong fit for Brembo. It is a world-renowned brand, with a solid business and an unrivaled reputation, both on the racetrack and the road,” said Matteo Tiraboschi, Brembo Executive Chairman. “We welcome Öhlins to our Group as a great opportunity to expand our offerings for the automotive market. With this addition, we take another step forward in our strategy to provide integrated intelligent solutions to our customers, leveraging synergies across key technologies in the vehicle’s corner.”
The acquisition is subject to customary regulatory approvals and is expected to close in early 2025. Tenneco remains committed to its customers, employees and stakeholders throughout this transition.
Jefferies LLC is acting as lead financial advisor to Tenneco. Barclays is also acting as financial advisor and Sidley Austin LLP as legal advisor. BofA Securities is acting as financial advisor to Brembo. Simpson Thacher & Bartlett and BonelliErede are acting as legal advisors.
SOURCE: Tenneco
