Bendix Commercial Vehicle Systems said late Monday it will acquire Iteris Inc.’s vehicle sensors business, including Iteris’ lane departure warning system.
Iteris said the deal is worth $14 million, “plus potential performance and royalty-related earn-outs, subject to $2 million in holdbacks and adjustments based upon working capital at closing.”
Its vehicle sensors business includes lane departure warning, forward collision warning and blind spot warning systems, Iteris said in a statement.
The transaction is expected to close in August, said Bendix, a member of the Knorr-Bremse Group. Bendix said it will incorporate the technologies and associated research, development, sales and service operations into its electronics business units.
Those systems include safety technologies such as the Bendix ESP Electronic Stability Program, Bendix Wingman Advanced collision mitigation technology, and the SmarTire tire pressure monitoring system by Bendix CVS.
Bendix CEO Joe McAleese said the move “reinforces our commitment to actively pursue business opportunities and effective technologies that help improve highway safety, enhance vehicle operation, and help fleets manage and maintain operating cost margins.”
The deal is “an important step in our strategic plan to focus on the traffic management market,” said Abbas Mohaddes, Iteris’ CEO.
