Bendix has reached a tentative agreement to buy SmarTire Systems, Inc. for an undisclosed sum. Both parties have signed a “term sheet” regarding the sale; additional negotiations are ongoing to complete the transaction.
If the purchase goes through, SmarTire’s operations would be integrated into Bendix Commercial Vehicle Systems’ existing electronics division. SmarTire executives would apply the proceeds toward paying down debt, according to the company.
SmarTire produces SmartWave Tire Pressure Management Systems (TPMS). Bendix supplies technology and equipment covering numerous truck and automotive applications.
For more information, visit www.bendix.com and www.smartire.com.
