Bendix Commercial Vehicle Systems LLC, a member of the Knorr-Bremse Group, today announced signing a definitive agreement to acquire the assets of SmarTire Systems Inc. for an undisclosed amount. Based in Vancouver, BC, SmarTire develops and markets wireless sensing and control systems and advanced tire-monitoring solutions for commercial vehicles.
The deal, which closed yesterday, will immediately incorporate the company’s assets into Bendix’s electronics business unit. According to Bendix, this will complement the other leading safety technologies it offers, such as its ESP Electronic Stability Program and Adaptive Cruise Control. Proceeds from the sale closing will be held in escrow subject to SmarTire obtaining consent of its shareholders at a meeting to be held in March 2009.
“The SmarTire asset acquisition is another mark of our continued commitment to provide our customers with a full range of innovative commercial vehicle braking system solutions. We strongly believe in the potential of this technology,” said Joe McAleese, Bendix president and CEO. “At the same time, this move is another important step in our overall business growth plan. Through continued diversification of our business and the incorporation of patent-protected technologies, we continue to strengthen our ability to deliver even more value to our customers and help ensure our sustainability now and in the future.”