Bendix to Acquire Vehicle Sensor Business From Iteris
Jul 26, 2011 2:15 PM
Bendix Commercial Vehicle Systems LLC, a member of the Knorr-Bremse Group, has signed a definitive agreement to acquire select assets – including SafetyDirect and the AutoVue Lane Departure Warning System – from Iteris, Inc. (NYSE Amex: ITI).
The transaction is expected to close prior to Aug. 31. At that time, Bendix and Knorr-Bremse plan to incorporate the technologies and associated research, development, sales and service operations into their electronics business units, which also includes 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.
“This move reinforces our commitment 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. It takes Bendix another step down our firmly established technology development road map and complements our global driver assistance strategy,” said Joe McAleese, Bendix president and CEO. “North American fleets have been asking Bendix for safety data to further improve their return on investment in safety technology. SafetyDirect is a solid solution for large and small fleets that have already invested in telematics capability.”
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