RICHMOND, British Columbia (Jan. 16)—SmartTire Systems Inc. has cut a deal with its partner TRW Inc. to transfers to SmartTire the exclusive license to manufacture and sell tire monitoring systems to original equipment manufacturers of most medium and heavy-duty trucks. In exchange, TRW receives 450,000 shares of SmartTire common stock. Under the April 1998 SmartTire-TRW agreement, SmartTire granted TRW exclusive rights to use SmartTire technology on tire monitoring systems for passenger cars and light, medium and heavy-duty trucks sold to OE manufacturers. In the wake of rising demand for monitoring systems as required by recent U.S. TREAD Act legislation, TRW will focus its efforts primarily on the car and light truck markets, leaving the commercial vehicle sector to SmartTire.
SmartTire prepares to enter commercial vehicle market
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].