RICHMOND, British Columbia (Dec. 12, 2002)—In anticipation of coming tire monitoring requirements under the TREAD Act, SmarTire Systems Inc. and Tier 1 supplier Visteon Corp. finalized a partnership to supply tire monitoring systems to auto makers.
Under the agreement, Visteon will have manufacturing rights to some SmarTire products that will be presented to auto makers to comply with TREAD Act regulations starting in late 2003. The companies also will jointly look into other possibilities, such as the commercial vehicle market, Richmond-based SmarTire said. The two had been working together since May under a memorandum of understanding.
“This relationship with Visteon opens the door for SmarTire to the original equipment marketplace,” said SmarTire President and CEO Robert Rudman.