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Auto parts maker Tenneco is buying Federal-Mogul from Carl Icahn's Icahn Enterprises in a deal worth $5.4 billion in cash and stock. Tenneco will then separate the combined companies into two separate stocks in a tax-free spinoff, one focusing on "aftermarket and ride performance," the other on "powertrain technology." "We expect to be meaningful stockholders of Tenneco going forward and are excited about the prospects for additional value creation," Icahn said in a statement. "This transaction is an excellent example of our general modus operandi at Icahn Enterprises, by which we seek to acquire undervalued assets, nurture, guide and improve their condition and operations, and ultimately develop them into more valuable businesses, which greatly enhances value for all shareholders." Icahn acquired control of Federal Mogul, a maker of wiper blades and spark plugs, in 2008. The activist investor then took it private in January 2017. Tenneco shares jumped more than 6 percent in premarket trading Tuesday. The sale to Icahn, made up of $800 million in cash and 29.5 million shares of Tenneco stock, is expected to close in the second half of the year. Source: https://www.cnbc.com/2018/04/10/icahn-selling-federal-mogul-to-tenneco-for-5-point-4-billion.html
WATERFORD, Mich. – Tenneco said it will expand its portfolio of continuously variable semi-active suspension (CVSA) technology to the North American SUV market. The technology has been launched on more than 40 vehicle models globally, according to the company. “With SUVs and light trucks accounting for more than 60 percent of vehicle sales in North America, it presents an ideal opportunity to expand electronic suspension technology to this important market segment,” said Ben Patel, vice president and chief technology officer for Tenneco. “Consumers expect the same comfort, control and refinement in the ride and handling of SUVs as they find in today’s leading sedans. Tenneco’s proven CVSA solutions meet these expectations without compromising ride comfort for handling.” CVSA technology is part of the Monroe Intelligent Suspension portfolio. It is designed to adjust to changing road conditions in real time, continuously sensing the road and driving conditions and adjusting the damper within milliseconds. CVSAe utilizes an externally mounted electronic valve that independently adjusts the damper’s compression performance in real time for a more comfortable and controlled ride. CVSA2 features two electro-hydraulic valves that control the damper’s rebound and compression motions independently, delivering a larger tuning range for higher levels of comfort and control, according to Tenneco. Visit www.monroeintelligentsuspension.com for more information.