Tenneco - Comprehensive Analysis Report

Summary

Tenneco Inc. is a global Fortune 500 company that designs, manufactures, and markets automotive products and systems for original equipment (OE) and aftermarket customers. The company aims to be the most trusted transportation industry partner and the world's best manufacturer and distributor, focusing on innovation and sustainability. Tenneco's vision is pioneering global ideas for cleaner air, and smoother, quieter, and safer transportation. Tenneco was taken private by Apollo Global Management in November 2022.

1. Strategic Focus & Objectives

Core Objectives

Tenneco aims to deliver technology solutions for diverse global markets. It seeks to strengthen its market position through strategic partnerships and acquisitions, focusing on electric vehicle (EV) components and sustainability initiatives to reduce carbon emissions and energy consumption.

Specialization Areas

Tenneco specializes in automotive products and systems for original equipment and aftermarket customers and operates in four business groups: DRiV, Performance Solutions, Clean Air, and Powertrain.

Target Markets

Tenneco serves diverse global markets, including light vehicles, commercial trucks, off-highway vehicles, industrial applications, motorsport, and the aftermarket.

2. Financial Overview

Funding History

Tenneco was acquired by Apollo Global Management in 2022. In early 2025, Apollo Fund X made a strategic investment in Tenneco's Clean Air and Powertrain divisions, with American Industrial Partners also participating. This investment aims to accelerate the company's growth and strengthen its position in the automotive industry.

In 2023, Tenneco Inc. reported total revenue of $18.5 billion, an increase of approximately 3.39% or $889.57 million from 2022 to 2023. As of December 31, 2023, Tenneco reported total debt of $4.175 billion, with $339 million as the current portion of long-term debt and $3.836 billion as long-term debt.

3. Product Pipeline

Key Products/Services

Emission Control Technologies: Primarily serves the Original Equipment (OE) market, accounting for 42% of total revenue.

Powertrain Technologies: Focused on the aftermarket and contributes 28% of total revenue.

Ride Performance Solutions: Includes automotive suspension products and makes up 30% of total revenue.

4. Technology & Innovation

Technology Stack

Tenneco is dedicated to technological leadership, investing in research and development to create advanced technologies.

FENIX 2.0: An industry-aligned execution framework used by HCL Technologies to help Tenneco reprogram its enterprise architecture and build a roadmap for digital transformation initiatives.

DRYiCE: A suite of organic automation and AI-based transformation products and platforms used to automate Tenneco's operations.

Software: Microsoft Power BI (Analytics and BI), Serrala Corestone Archive Service (Application Hosting and Computing Services) and FIS GETPAID (AR Automation).

5. Leadership & Management

Executive Team

Jim Voss: Chief Executive Officer.

Jon Bagrosky: Executive Vice President, Chief Administrative Officer.

Tyler Best: Executive Vice President, Chief Information Officer.

Nathan Bowen: Executive Vice President and Group President – Clean Air, Powertrain and Champion.

Alessandro Treccani: Vice President Global Human Resources.

Benoît Letendre: Vice President HR Powertrain Tenneco.

Bryon Osterland: Group VP & GM, Global Ignition.

Edward Yocum: EVP & Chief Counsel.

Manavendra Sial: EVP & CFO.

Paul Nelson: Vice President Global Real Estate, Facilities And Indirect Procurement.

Chintan Sopariwala: Executive Vice President, President, DRiV.

Davide Girelli: Executive Vice President, President, Powertrain.

Matt Roney: Executive Vice President, M&A and Strategy.

Dirk Triest: Senior Vice President, Strategy Execution.

Recent Leadership Changes

Since being acquired by Apollo Funds in November 2022, Tenneco has established a new management team. CEO Jim Voss is leading Tenneco's journey to be the most trusted partner and world's best manufacturer and distributor in the transportation industry.

6. Competitive Analysis

Major Competitors

Magna: Headquartered in Aurora, Ontario.

BorgWarner: Located in Auburn Hills, Michigan operating in the automobile parts industry.

Lear

Meritor

Cummins

Johnson Controls

DENSO

Tesla

7. Market Analysis

Market Overview

Tenneco operates in the automotive industry, focusing on designing, manufacturing, and marketing automotive products for original equipment and aftermarket customers. The company's products include emission control systems, ride control products, powertrain components, and performance solutions serving light vehicles, commercial trucks, off-highway vehicles, industrial applications, motorsport, and the aftermarket.

8. Strategic Partnerships

Tenneco partners with HCL Technologies for multi-year, integrated application development, modernization, and operations services.

9. Operational Insights

Tenneco focuses on engineering and innovation and emphasizes manufacturing efficiency and supply chain management to optimize production processes and ensure timely delivery of raw materials and components.

10. Future Outlook

Strategic Roadmap

Tenneco is focused on developing innovative solutions for EV components and is committed to sustainability, with a focus on reducing carbon emissions and energy consumption. The company aims to strengthen its market position and expand its global footprint. With the support of Apollo, Tenneco is positioned to accelerate growth, invest in advanced capabilities, and execute its strategic priorities.