Fortune 500 company Tenneco has bought auto parts company Federal-Mogul owned by Carl Icahn for $5.4 billion. The deal is likely to close later this year and Tenneco plans to split the company’s auto parts and powertrain technology wings into individual entities in 2019. The company supplies ride control components, emissions products and elastomers, with 2016 revenue of $8.6 billion.
Tenneco has been publicly traded on the New York Stock Exchange since November 5, 1999. It has 93 manufacturing facilities and 17 distribution sites in 26 countries located on six continents, with major centres of operations in North America, Europe, Australia and Asia. It employs 53,000 people globally.