SmarTire Finalises Sale of Business Assets - Tire Review Magazine

SmarTire Finalises Sale of Business Assets

SmarTire Systems finalized the sale of its business and related assets to Bendix Commercial Vehicle Systems, the North American affiliate of Germany’s Knorr-Bremse Group.

The Dec. 10 transaction immediately incorporates SmarTire’s assets into Bendix’ electronic business unit, and proceeds from the sale will be held in a third party account subject to SmarTire obtaining shareholder consent at a meeting to be held in March 2009. The company says it expects to apply all, or a substantial proportion, of the proceeds from the sale against its debt obligations. Following the transaction, SmarTire will change its name to TTC Technology Inc.

"The past year has presented many challenges for SmarTire and our goal of growing the business to become self sufficient," stated Dave Warkentin, president and CEO. "Market conditions created delays in the implementation of our products as well as new TPMS programs being pursued with key customers. The adverse effect that this caused on our revenues resulted in the continued requirement for debt financing, which became impossible to secure due to recent economic conditions as well as the company’s debt load. This transaction is the result of an exhaustive process that was employed to ensure that maximum value was received for the assets of the company."

Bendix Commercial Vehicle Systems develops and supplies active safety technologies, air brake charging, and control systems and components for commercial vehicles throughout North America under the Bendix brand name. The Ohio-headquartered company employs more than 2,000 people. (Tyres & Accessories/Staffordshire, U.K.)

You May Also Like

Yokohama Rubber reveals 2024 motorsports activity plan

Yokohama said participation in motorsports activities is crucial to its efforts to strengthen the Advan and GeoLandar brands.

Yokohama-Nitrocross

Yokohama Rubber revealed its motorsports activity plan for 2024. The company said participation in motorsports activities is crucial to its efforts to strengthen the Advan and GeoLandar brands and is again participating in a wide variety of motorsports events around the globe, from top-category to grassroots events.

Yokohama Rubber will again supply its Advan tires to many teams participating in motorsports events, such as Japan’s Super GT, the Nürburgring 24-Hour Race and the Pikes Peak International Hill Climb. Yokohama Rubber’s GeoLandar tires will be supplied to teams participating in off-road races in North America and Asia, including the Baja 1000, King of the Hammers, the Mint 400 and the Asia Cross Country Rally.

TIA’s Advanced Farm Tire Service training to take place in June

The training class for technicians in the agricultural and farm tire industries is set to take place June 11-14.

TIA_training-
Maxxis-sponsored athletes make podium, overall top 10 at Mint 400

Maxxis athletes Michael McFayden, Ethan Ebert and Trey Gibbs had podium finishes at the Mint 400 on Maxxis RAZR XT tires.

2024-mint400-maxxis
Sun Auto Tire reveals winner of Ford Bronco Sport giveaway

Lowell Anderson entered the giveaway at his local Sun Auto Tire & Service store while receiving a routine oil change.

Sun-Auto-Bronco-giveaway
Nokian Tyres holds bracket challenge on worst roads in North America

In 2023, the tiremaker’s audience voted Quebec as the province or state with the worst road conditions on the continent.

Pothole-Protection-from-Nokian-Tyres

Other Posts

Gallery: 2024 Big O Tires conference and convention

Highlights from this year’s Big O Tires conference and convention, featuring a general session, trade show and breakout sessions.

Gary-Skidmore
Bridgestone’s Firestone Liberia rubber farm receives ISCC Plus recognition

According to Bridgestone, its Liberia facility earned the ISCC Plus certification for its efforts in reducing environmental impacts.

Firestone_Liberia
Ascenso Tires adds new OEM sales manager

Douglas Duesing has more than ten years of experience working in agriculture, construction and mining OEMs.

Ascenso-Douglas-Duesing-1400
Nexen Tire Motorsports drivers earn top placements at King of the Hammers

Nexen Tire Motorsports partnered with drivers across a variety of racing series both on- and off-road, including King of the Hammers.

Nexen-KOH