Bendix Commercial Vehicle Systems LLC, a North American affiliate of Munich, Germany-based Knorr-Bremse AG, plans to acquire the business and related assets of SmarTire Systems Inc. for an undisclosed amount. Based in Vancouver BC, Canada, SmarTire is a developer and marketer of advanced tire-monitoring systems, 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 completed, Bendix plans to incorporate the SmarTire business into its existing electronics business unit.