SmarTire, Visteon sign marketing deal
RICHMOND, B.C. (Dec. 13, 2002) — SmarTire Systems, a developer of air pressure and temperature monitoring technology for tires, has reached an agreement with Visteon Corp. to market its products to automotive original equipment manufacturers internationally.
The agreement also grants Visteon manufacturing rights for select SmarTire products and contains provisions that will enable SmarTire and Visteon to jointly explore other opportunities such as the commercial vehicle market.
“Original equipment manufacturers rely on Tier 1 suppliers to provide the products, quality and scheduled deliveries required by the automotive industry,” said Robert Rudman, SmarTire’s president and chief executive officer. “This relationship with Visteon opens the door for SmarTire to the original equipment marketplace. Together, the two companies will market high quality, low-cost SmarTire solutions to automotive manufacturers globally.”
“With the U.S. National Highway Traffic Safety Administration TREAD Act rulemaking that requires the installation of tire pressure monitoring systems in all passenger vehicles and light trucks beginning Nov. 1, 2003, there is substantial market potential for SmarTire technologies and products,” SmarTire said in a press release.
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