UK: Torotrak inks deals with CV maker
Transmission specialist Torotrak has entered into a licence agreement and an engineering development agreement for the use of its full-toroidal traction drive technology in an unnamed client's commercial vehicle range.
The company said the total value of the licence fee and subsequent payments relating to the engineering development agreement is over GBP7m, with more than half payable this financial year.
The client has secured the right to use Torotrak's technology to develop and manufacture transmissions for worldwide sales in their vehicle range together with a period of exclusivity to develop the technology for heavy commercial vehicles.
Torotrak will also undertake a substantial prototype engineering programme for the client which will span a number of years.
"Torotrak and the client have agreed that, for reasons of commercial sensitivity and in order to protect the customer's competitive position, the new licensee's identity will remain undisclosed," the company said in a statement.
Torotrak CEO Dick Elsy said: "With these new agreements, we have taken a further, major step in the repositioning of Torotrak as a provider of toroidal transmission technology for a wide range of product and market applications."