LIVONIA, Mich. (Jan. 16, 2009) — Group Michelin has sold its stake in its EnTire Solutions L.L.C. joint venture to TRW Automotive U.S. L.L.C., its partner in the venture established in 2003 to develop and make direct tire pressure monitoring systems.
TRW Automotive said it acquired the stake as part of its commitment to develop its portfolio of electronics systems. Terms were not disclosed.
“TRW is committed to developing this business in a growing market. We will continue to develop the technology as a natural fit within our global electronics operations,” said Ed Carpenter, vice president of TRW Automotive's Electronics business, in a prepared statement.
“This has been a successful partnership,” he added. “TRW and Michelin have combined their respective expertise in electronics and tires to develop direct tire pressure monitoring systems that are recognized for their performance characteristics in the industry. The two companies said they would work together to assure a smooth transition.”
TRW Automotive U.S. is a subsidiary of TRW Automotive Holdings Corp.
Michelin and TRW initially agreed to work together in 2000 to develop and market tire pressure monitoring devices for cars and light trucks and set up EnTire Solutions in 2003.