SmarTire Sold To Bendix Commercial

On 22 October SmarTire Systems Inc. announced it was in the opening stages of selling its business and related assets to Bendix Commercial Vehicle Systems LLC, the North American affiliate of the Munich, Germany-based Knorr-Bremse AG. According to a company statement the companies have signed a “term sheet,” selling the business for an undisclosed amount. The acquisition by Bendix CVS is subject to corporate approvals.

The statement explained that SmarTire expects to apply virtually all of the proceeds from the proposed sale against its debt obligations. Bendix CVS expects to incorporate the SmarTire business into its existing electronics business unit.

Bendix Commercial Vehicle Systems is a member of the Knorr-Bremse Group and focuses on developing active safety technologies, air brake charging, and control systems for medium- and heavy-duty commercial vehicles produced under the Bendix brand name.