Kenth Öhlin has sold a majority share in Öhlins Racing to Tenneco.
He will continue to be part of Öhlins and provide continuity in strategic and technological development, and will retain a minority interest in the company and serve on the board.
He said: “Together, Öhlins and Tenneco will be a very strong constellation.
“After considering the strengths of both companies, I made the hardest decision of my life — to sell my life’s work.
“I am absolutely convinced that we are going to develop very positively in the future, and that Öhlins will benefit from the opportunities that will now arise due to Tenneco’s entrance.”
Brian Kesseler, co-CEO of Tenneco, said: “Öhlins’ technology team will allow us to rapidly grow our premium product offerings for current and future customers, as well as help us win a larger share of business in developing mobility markets.”
Henrik Johansson, CEO of Öhlins, said: “Tenneco will help grow our business on a global scale. Tenneco and Öhlins have been working together for 20 years, delivering outstanding products for the intelligent suspension market.
“This is the beginning of something even bigger.”
The acquisition is expected to close in early 2019, subject to regulatory approvals and other customary closing conditions.