LAKE FOREST, Ill. — Tenneco Inc. has settled on DRiV Inc. as the name for the aftermarket ride-performance components company it will launch later this year as it splits into two independent, publicly held companies in the wake of its 2018 acquisition of auto parts competitor Federal Mogul Corp.
DRiV Inc. will launch in the second half of 2019, Tenneco said, as a global, multi-line, multi-brand aftermarket supplier and one of the largest global original-equipment ride-performance and braking component suppliers to the aftermarket, light vehicle and commercial vehicle customers.
DRiV's portfolio includes brands such as Monroe, Champion, Öhlins, MOOG, Walker, Fel-Pro, Wagner, Ferodo Rancho, Thrush, National, Sealed Power and Axios, among and others.
Tenneco, meanwhile, will retain the Tenneco name and focus on powertrain systems technology.
The new entity will be headquartered in Lake Forest, in the greater Chicago area.Brian Kesseler, now co-CEO of Tenneco, will become chairman and CEO of DRiV.
He called it a "landmark day.
"DRiV will be a unique new business, a more than $6 billion startup, built from the combined strengths of Tenneco, Federal-Mogul and Öhlins — laser-focused on innovation, performance, brand development and customer service," Mr. Kesseler said.
"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."
The new company said its name symbolizes what it expects to be: A global leader in the aftermarket and OE businesses, "driving advancements that help people get the most out of every vehicle, every ride, every race, and every journey."
The company said its black, red and silver logo connects with a rich heritage of performance, with its circular shape evoking a tachometer, representing speed, strength, and pushing boundaries. The styled letters that form the company name are clean, dynamic and forward-leaning image.
The "i" has multiple meanings has represents integrity, innovation and insight, the company said, and also can be read as the number 1, "which implies our one team."
Scott Usitalo, the company's chief marketing officer, said the name "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," he said.
DRiV's aftermarket business will be known as "Motorparts" and will develop, manufacture and distribute a broad portfolio of products in the global vehicle aftermarket.
The OE business will be known as Ride Performance, developing, manufacturing and supplying OEs with shock absorbers, struts, NVH performance materials and brake friction.
After the acquisition was completed Oct. 1, 2018, Tenneco had nearly 55,000 employees globally and 2017 revenues of $7.8 billion.