Bendix Signs Agreement To Acquire Smartire Business
Oct 28, 2008 2:56 PM
Bendix Commercial Vehicle Systems LLC, a North American affiliate of Munich, Germany-based Knorr-Bremse AG, has announced its plans to acquire the business and related assets of SmarTire Systems Inc. for an undisclosed amount. Based in Vancouver, British Columbia, SmarTire is a developer and marketer of advanced tire-monitoring solutions, plus wireless sensing and control systems for commercial vehicles.
The transaction terms are expected to be finalized during the fourth quarter of 2008 and are subject to corporate approvals from both entities. When finalized, Bendix plans to incorporate the SmarTire business into its existing electronics business unit, which also includes leading technologies such as the Bendix ESP Electronic Stability Program and Bendix Adaptive Cruise Control (ACC).
“Bendix continues on its purposeful, aggressive drive for growth. Our goal remains to actively pursue business opportunities and effective technologies that help improve highway safety, enhance vehicle operation, and help fleets manage and maintain operating cost margins,” said Joe McAleese, Bendix president and CEO.
SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide under the SmartWave trademark. The company has invested more than $100 million in research and design for its patented tire monitoring technology. It has developed numerous patent-protected wireless technologies and has advanced tire-monitoring solutions since 1987.
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