Tenneco Inc. stated CEO Brian Kesseler will likely be changed by Jim Voss as soon as the pending $1.6 billion acquisition of the provider by investor Apollo Global Management Inc. is accomplished.
Voss, the CEO of Apollo, will take over as head of Tenneco as soon as a number of last situations are met and the deal closes, the corporate stated Thursday in a submitting with the U.S. Securities and Exchange Commission.
The firms introduced the acquisition on Feb. 23. Tenneco will proceed working below the Tenneco model as an entirely owned subsidiary of Pegasus Holdings, the businesses stated in a press launch.
Tenneco’s board of administrators and shareholders have authorized the settlement.
Tenneco provides parts reminiscent of mufflers and shock absorbers. It additionally owns a number of aftermarket manufacturers reminiscent of Champion spark plugs that it inherited from its acquisition of longtime Detroit-area provider Federal Mogul in 2018 for $5.4 billion.
Apollo companion Michael Reiss stated within the assertion: “We look forward to working with the Tenneco team to build on the strong foundation in place today, investing across their platform and product categories for growth and delivering innovative solutions for customers.”
Tenneco stated it expects to finish the transaction within the second half of 2022.
Spokespeople for Tenneco and Apollo couldn’t be reached for additional remark.
Tenneco ranks No. 12 on the 2022 Automotive News record of the highest 100 international suppliers with worldwide gross sales to automakers of $15 billion in 2021.
Source: www.autonews.com
