The Lake Forest, Illinois-based Tenneco Inc. (TEN), a maker of automotive emission control and ride control products, said Monday it completed the acquisition of the suspension business of Gruppo Marzocchi, an Italian-based supplier of suspension technology and products in the two-wheeler market.
The acquisition was made through Tenneco's assumption of the debt associated with Marzocchi's suspension business, which was approximately $15 million as of April 30, 2008.
Commenting on acquisition Hari Nair, president, International, Tenneco said, "This purchase brings together strong brands, leading products and advanced technology capabilities that allow us to provide customers with integrated suspension systems, including suspension forks, shock absorbers and elastomers, for motorcycles and other applications."
The Marzocchi brand has a strong customer base in the two-wheeler market that includes a number of manufacturers like BMW, Ducati, Harley Davidson, MV Agusta, the Piaggio Group, and others.
The acquisition includes a manufacturing facility in Bologna, Italy that will be leased by Tenneco; associated engineering and intellectual property; the Marzocchi brand name; sales, marketing and customer service operations in the United States and Canada; and purchasing and sales operations in Taiwan.
TEN closed Friday's trading at $14.61, down $0.30 or 2.01% on a volume of about 413 thousand shares.
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