Tenneco Inc. Mentioned CEO Brian Kesseler he might be succeeded by Jim Voss upon completion of the supplier’s pending $1.6 billion acquisition by investor Apollo World Administration Inc.
Voss, the CEO of Apollo, will take over as director of Tenneco as soon as a number of closing situations are met and the deal closes, the corporate stated Thursday in a submitting with the US Securities and Trade Fee.
The businesses introduced the acquisition on February 23. Tenneco will proceed to function underneath the Tenneco model as an entirely owned subsidiary of Pegasus Holdings, the businesses stated in a information launch.
Tenneco’s board of administrators and shareholders have authorised the deal.
Tenneco provides parts corresponding to mufflers and shock absorbers. It additionally owns a number of aftermarket manufacturers, corresponding to Champion spark plugs, which it inherited from its $5.4 billion acquisition of Detroit-area provider Federal Mogul in 2018.
Apollo associate Michael Reiss stated within the assertion, “We look ahead to working with the Tenneco group to construct on the sturdy basis that exists in the present day, investing in its platform and product classes to develop and ship progressive options to clients.”
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 is ranked #12 in 2022 automotive information record of the highest 100 world suppliers with world gross sales to automakers of $15 billion in 2021.