Tenneco Inc. CEO said Brian Kesseler will be replaced by Jim Voss once the provider’s pending $1.6 billion acquisition by investor Apollo Global Management Inc. is complete.
Voss, Apollo’s CEO, will take charge of Tenneco once several final conditions are met and the deal closes, the company said Thursday in a filing with the U.S. Securities and Exchange Commission.
The companies announced the acquisition on February 23. Tenneco will continue to operate under the Tenneco brand as a wholly owned subsidiary of Pegasus Holdings, the companies said in a press release.
Tenneco’s board and shareholders have approved the deal.
Tenneco supplies components such as mufflers and shock absorbers. It also owns several aftermarket brands such as Champion spark plugs, inherited from its acquisition of longtime Detroit-area supplier Federal Mogul in 2018 for $5.4 billion.
Michael Reiss, Apollo Partner, said in the release, “We look forward to working with the Tenneco team to build on the strong foundation in place today, investing in their platform and product categories. for growth and providing innovative solutions to customers.”
Tenneco said it expects to complete the transaction in the second half of 2022.
Spokespersons for Tenneco and Apollo could not be reached for further comment.
Tenneco ranks No. 12 on the 2022 Automotive News list of the top 100 global suppliers with global sales to automakers of $15 billion in 2021.