SmarTire Systems has terminated its agreement with Visteon Corporation and has decided instead to strengthen its strategic alliance with Asian partner Hyundai Autonet Company (HACO).
Originally founded in 1985 as Hyundai Automotive Electronics Division, HACO is a subsidiary of the Hyundai Auto Group, one of Korea’s largest conglomerate companies.
SmarTire will market its products and services directly to OEMs worldwide with the exception of the Korean market.
“SmarTire has selected HACO as the primary manufacturer of its industry leading tyre monitoring products,” said SmarTire CEO Robert Rudman. “HACO has demonstrated its flexibility, competitiveness and commitment to manufacture our products in medium to high volume quantities. Our arrangement with HACO will also enable us to meet the quality and supply requirements of our OEM and aftermarket customers.”
SmarTire has previously entered into an agreement with HACO to jointly develop products for the Korean market.