SmarTire, Honeywell Join For Aftermarket

RICHMOND, British Columbia--SmarTire Systems Inc. and Honeywell have formed a joint development and supply agreement for aftermarket tire monitoring systemst.

SmarTire said the agreement “represents an unprecedented opportunity to market its tire monitoring products on a global basis through Honeywell’s extensive retail auto parts distribution network.” The plan also provides for the joint development of new tire monitoring products for the passenger car and commercial vehicle markets.

“The SmarTire/Honeywell agreement represents a timely solution to the dramatic increase in consumer and governmental demand for tire monitoring products in North America,” the companies said. They intend to address the need for improved tire safety by offering SmarTire’s latest generation of tire monitoring products for passenger cars, light trucks, sport utility vehicles and vans.

The companies will also explore opportunities for global distribution, new product development for the automotive aftermarket and future tire monitoring systems for other market sectors.

“The establishment of successful alliances with key strategic partners continues to be our most important business objective,” said Robert Rudman, SmarTire’s president and chief executive officer. “In the area of marketing, distribution and product development, Honeywell is an ideal strategic partner. It has distribution in place to market our products to most major automotive parts retailers in North America and into Europe. SmarTire provides innovation and technological expertise in tire monitoring technology while Honeywell delivers consumer branded, high-growth automotive products to the global aftermarket,” he added.

“We are absolutely delighted in announcing our plans involving Honeywell,” Rudman noted. “The timing is excellent. SmarTire has the right products and Honeywell has the proven delivery system. The market for tire monitoring products is maturing at a tremendous pace and the SmarTire/Honeywell alliance is ideally positioned to capitalize on this massive opportunity.”

For more information, contact www.smartire.com and www.honeywell.com.