Bendix Finalizes Purchase Of Assets from Iteris
Aug 2, 2011 2:58 PM
One week after signing a definitive agreement, Bendix Commercial Vehicle Systems LLC, a member of the Knorr-Bremse Group, announced it has finalized its purchase of select assets – including SafetyDirect and the AutoVue Lane Departure Warning System – from Iteris, Inc. (NYSE Amex: ITI).
The transaction – which closed on July 29 – immediately incorporates the technologies and associated research, development, sales and service operations into the electronics business units at Bendix and Knorr-Bremse. The products join other leading safety technologies such as the Bendix ESP Electronic Stability Program, Bendix Wingman Advanced–A Collision Mitigation Technology, and SmarTire tire pressure monitoring system by Bendix CVS.
In connection with the transaction, Bendix has initiated a short-term manufacturing and distribution agreement with Iteris to ensure uninterrupted product availability and service during the transition period.
“There’s no doubt our goal is a seamless transition for our customers,” said Kevin Romanchok, Bendix product line director for electronics. “There will be no initial change to the ordering or delivery process as it has previously been established for SafetyDirect data management or the AutoVue LDW System. Customers should continue to use their existing order and day-to-day support contacts until further notice.”
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