Kenth Öhlin is to sell a majority share in Öhlins Racing AB to Tenneco Inc.
Öhlins will become a subsidiary of Tenneco, retaining its team and joining the large global multi-line, multi-brand OEM and aftermarket company. Kenth Öhlin will continue to be part of Öhlins and provide continuity in strategic and technological development. He will retain a minority interest in the company and serve on the board of Öhlins.
Öhlins Racing has been an integral part of the motorsport, motorcycle and automotive industry since 1976, when Kenth Öhlin founded the company and created his first motocross shock. Since then, Öhlins has been offering state-of-the-art suspension technology to racing teams, OEM partners and aftermarket.
Öhlins has distribution in 50 countries and manufacturing facilities in Europe and Asia.
Kenth Öhlin commented: “Together, Öhlins and Tenneco will be a very strong constellation. After considering the strengths of both companies, I made the hardest decision of my life — to sell my life’s work. I am absolutely convinced that we are going to develop very positively in the future, and that Öhlins will benefit from the opportunities that will now arise due to Tenneco’s entrance.”
Tenneco said the acquisition will enhance its position as a leading global designer, manufacturers and distributors of ride performance products and technologies.
Öhlins’ strong position as a technology company with high-end suspension for motorcycle, automotive and mountain bikes will complement and further strengthen Tenneco’s advanced ride performance portfolio, it added.
Brian Kesseler, co-CEO of Tenneco, commented: “Öhlins’ technology team will allow us to rapidly grow our premium product offerings for current and future customers, as well as help us win a larger share of business in developing mobility markets.”
Henrik Johansson, CEO of Öhlins, added: “Tenneco will help grow our business on a global scale. Tenneco and Öhlins have been working together for 20 years, delivering outstanding products for the intelligent suspension market. This is the beginning of something even bigger.”
The acquisition is expected to close in early 2019, subject to regulatory approvals and other customary closing conditions.