M&A Deal Summary

Tenneco Acquires Federal-Mogul Holdings

On October 1, 2018, Tenneco acquired automotive company Federal-Mogul Holdings from Icahn Enterprises for 800M USD

Acquisition Highlights
  • This is Tenneco’s 4th transaction in the Automotive sector.
  • This is Tenneco’s largest (disclosed) transaction.
  • This is Tenneco’s 4th transaction in the United States.
  • This is Tenneco’s 1st transaction in Michigan.

M&A Deal Summary
Date 2018-10-01
Target Federal-Mogul Holdings
Sector Automotive
Buyer(s) Tenneco
Sellers(s) Icahn Enterprises
Deal Type Divestiture
Deal Value 800M USD

Target

Federal-Mogul Holdings

Southfield, Michigan, United States
Federal-Mogul Holdings' corporate headquarters in Southfield, Michigan.
Federal-Mogul Holdings' corporate headquarters in Southfield, Michigan.
Federal-Mogul Holdings Corp. is an innovative and diversified global supplier of quality products, trusted brands and creative solutions to manufacturers of automotive, light commercial, heavy-duty and off-highway vehicles, as well as in power generation, aerospace, marine, rail and industrial. Federal-Mogul Holdings Corp. was originally established in 1899 and is based in Southfield, Michigan.

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Buyer(S) 1

Buyer

Tenneco

Lake Forest, Illinois, United States
Category Company
Founded 1996
Sector Automotive
Employees73,000
Revenue 15.4B USD (2020)
DESCRIPTION
Entrance to Tenneco's corporate headquarters in Lake Forest, Illinois.
Entrance to Tenneco's corporate headquarters in Lake Forest, Illinois.

Tenneco is a designer, manufacturer and marketer of clean air and ride performance products and systems for the automotive and commercial vehicle original equipment markets. Tenneco was founded in 1996 and is based in Lake Forest, Illinois.

DEAL STATS #
Overall 5 of 6
Sector (Automotive) 4 of 5
Type (Divestiture) 3 of 3
State (Michigan) 1 of 1
Country (United States) 4 of 4
Year (2018) 1 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-01 Gruppo Marzocchi - Suspension Business

Zola Predosa, Italy

Gruppo Marzocchi S.p.A - Suspension Business supplys suspension technology and products in the two-wheeler market.

Buy $15M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-15 Öhlins

Upplands Vasby, Sweden

Öhlins is a technology company that develops premium suspension systems and components for the automotive and motorsport industries. Öhlins is based in Upplands Vasby, Sweden.

Buy -

Seller(S) 1

SELLER

Icahn Enterprises

Sunny Isles Beach, New York, United States
Category Company
Founded 1987
Sector Diversified
Employees15,038
Revenue 11.8B USD (2023)
DESCRIPTION

Icahn Enterprises is a diversified holding company engaged in nine primary business segments: Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Real Estate and Home Fashion. Icahn Enterprises was founded in 1987 and is based in Sunny Isles Beach, Florida.

DEAL STATS #
Overall 2 of 3
Sector (Automotive) 1 of 1
Type (Divestiture) 2 of 3
State (Michigan) 1 of 1
Country (United States) 2 of 3
Year (2018) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-05 American Driveline Systems

Horsham, Pennsylvania, United States

American Driveline Systems, Inc. is the franchisor of AAMCO and Cottman Transmission & Total Auto Care brands. AAMCO and Cottman are the #1 and #2 transmission repair retail chains in North America, respectively, with nearly 700 franchised units in 47 states and three provinces with more than 60 percent brand awareness. The Company is also a remanufacturer of transmissions and related parts through its Global Powertrain Systems (“GPS”) division, which provides franchisees a reliable and price competitive solution for their transmission needs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-29 PSC Metals INC.

Mayfield Heights, Ohio, United States

PSC Metals is a scrap metal processor that provides services to both generators and consumers of scrap in North America. Situated on-site at steel mills, at industrial scrap generators, and at our strategically located recycling yards, our scrap management programs ensure a level of service far beyond expected industry standards. PSC Metals has locations across North America including Ohio, Pennsylvania, Indiana, Illinois, Missouri, Kentucky, Tennessee, Georgia, and Alabama.

Sell $290M
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