Iteris Completes Vehicle Sensors Business SaleAugust 3, 2011
The divesture signals the company’s drive to focus on intelligent traffic management offerings.
SANTA ANA, CA /BUSINESS WIRE/ -- Iteris Inc., a leader in traffic management solutions, has completed the sale of its vehicle sensors business to Bendix Commercial Vehicle Systems LLC, a member of Knorr-Bremse Group, for a purchase price of $14 million, with $2 million subjected to holdbacks and adjustments, based on working capital at closing. Additionally, Iteris expects to receive performance and royalty-related earn-outs as they occur over time.
The divestiture is part of Iteris' focus on its core market, traffic management, which includes their software-intensive Roadway Sensors products and transportation systems technology offerings. Going forward, Iteris expects to enhance and expand these core technologies with continued internal development and thoughtful acquisitions aligned with this strategy.
"The closing of our vehicle sensors divestiture marks an important new stage for our company, as we are now a team united with a clear focus on our core intelligent traffic management market," said Abbas Mohaddes, President and CEO of Iteris. "I expect to utilize our well-capitalized balance sheet to drive strong organic growth and make synergetic acquisitions."
"With the anticipated passing of the Highway Bill and growing importance of performance measurement and predictive algorithm-based information, I believe we have a great opportunity to become a leading supplier of traffic information that will improve transportation systems," said Mohaddes. "We are uniquely positioned to address this demand and use our core competencies to grow our business."
Iteris' vehicle sensors business encompassed a portfolio of vehicle active safety systems, including lane-departure warning, forward-collision warning, and blind-spot warning, as well as SafetyDirect software that analyzes real-time driver performance. This divestiture had no impact on our traffic management customer base.
"The acquisition of the vehicle sensor business from Iteris—including SafetyDirect and the AutoVue lane-departure warning system—supports the diversified Bendix /Knorr-Bremse global business growth strategy, solidifies our existing safety systems expertise, and helps to further drive advancements along our technology road map," said Andreea Raaber, Bendix Vice President Of Business Development. "We're very pleased to add these technologies to our electronics product portfolio."
About Bendix Commercial Vehicle Systems LLC
Bendix Commercial Vehicle Systems, a member of the Knorr-Bremse Group, develops and supplies leading-edge active safety technologies, air-brake charging, and control systems and components under the Bendix brand name for medium- and heavy-duty trucks, tractors, trailers, and buses and other commercial vehicles throughout North America. An industry pioneer, employing more than 2200 people, Bendix is driven to deliver solutions for improved vehicle performance, safety, and overall operating cost. Bendix Commercial Vehicle Systems is headquartered in Elyria, OH, with manufacturing plants in Acuna, Mexico; Bowling Green, KY; and Huntington, IN. For more information, call 800-247-2725.
About Iteris, Inc.
Iteris Inc. is a leader in traffic management, focused on the development and application of advanced technologies that reduce traffic congestion, minimize the environmental impact of traffic congestion, and improve the safety of surface transportation systems infrastructure. Combining outdoor image processing, traffic engineering, and information technology, Iteris offers a broad range of intelligent transportation systems to customers worldwide. Iteris is headquartered in Santa Ana, CA, with offices throughout North America and in Europe and the Middle East. Investors are encouraged to contact Iteris at 888-329-4483.
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