Suspension manufacturer Öhlins Racing AB has been sold to American Fortune 500 company Tenneco. Öhlins founder Kenth Öhlin (pictured left below with Tenneco co-CEO Brian Kesseler) agreed to sell Tenneco a majority share in the Swedish company, hereby making it a subsidiary of the Illinois-based automotive component manufacturer.
Öhlin, who founded Öhlins in 1976, will continue to hold a minority interest in the company. According to Tenneco, the deal is valued at $160 million and will close in the first quarter of 2019 (pending regulatory approval and closing conditions). Continue reading below for the official statements from both companies.

Öhlins Press Release:

Kenth Öhlins Sells Öhlins Racing
Kenth Öhlin today announced an agreement to sell a majority share in Öhlins Racing AB to Tenneco Inc. Öhlins will become a subsidiary of Tenneco, joining one of the largest global multi-line, multi-brand OEM and aftermarket companies in the world. Öhlins Racing has been an integral part of the motorsport, motorcycle and automotive industry since 1976, when Kenth Öhlin founded the company and created his first legendary motocross shock. Since then, Öhlins have been setting global industry standards by offering state-of-the-art suspension technology to racing teams, OEM partners and aftermarket. With distribution in 50 countries and manufacturing facilities in Europe and Asia, Öhlins has managed to combine global reach with world class industry knowledge.
With the a...