ERJ staff report (TB)
Richmond, British Columbia (Dec. 12, 2008) – Germany’s Knorr-Bremse Group has finalised its deal to buy tyre pressure monitoring systems (TPMS) developer SmarTire Systems Inc. for $2.5 million.
Munich-based Knorr plans to incorporate SmarTire Systems into the electronics business unit of its Bendix Commercial Vehicle Systems LLC affiliate. The move will complement the firm’s other vehicle safety technologies, such as the Bendix ESP Electronic Stability Program and Bendix Adaptive Cruise Control, Knorr said.
SmarTire expects to apply all, or substantially all, of the proceeds…