Italian performance braking systems manufacturer, Brembo, has entered into an agreement to buy Swedish premium suspension maker, Öhlins, for a reported sum of USD 405 million – equivalent to roughly PHP 23.25 billion.

“This sale not only positions Öhlins Racing and its employees for continued success under Brembo’s leadership in the market, but it also supports Tenneco’s strategy of streamlining our business portfolio and strengthening our balance sheet as we continue to execute on our long-term vision,” said Jim Voss, CEO of Tenneco. Tenneco owns the Öhlins brand.

Brembo, which was founded in Italy in 1961 by Emilio Bombassei and Italo Breda, is a manufacturer of high-performance braking systems for motorcycles, as well as in the automotive industry.

Öhlins, on the other hand, was founded in Sweden by Kenth Öhlin in 1976. The company develops suspension systems for the automotive, motorcycle, mountain bike, and motorsport industries worldwide.

The Bombassei family, which has about 70% stake at Brembo, earlier this month sold its 5.6% stake in Pirelli, which then raised over USD 306 million. This sale also ends any speculation about the reported merger between Brembo and Pirelli.

“Öhlins is a strong fit for Brembo. It is a world-renowned brand, with a solid business and an unrivaled reputation, both on the racetrack and the road,” said Matteo Tiraboschi, Executive Chairman of Brembo. “We welcome Öhlins to our group as a great opportunity to expand our offerings for the automotive market. With this addition, we take another step forward in our strategy to provide integrated intelligent solutions to our customers, leveraging synergies across key technologies in the vehicle’s corner.”

The acquisition is subject to customary regulatory approvals and is expected to close in early 2025. Tenneco remains committed to its customers, employees, and stakeholders throughout this transition.