13th Feb 2020 12:11
(Alliance News) - Sensor systems maker Transense Technologies PLC said it has extended its agreement with auto & truck parts manufacturer Bridgestone Corp until February 2022.
In August, Transense said it signed a joint collaboration deal with Bridgestone with regards to its iTrack II tyre monitoring systems, as well as future generations of the technology.
Under the deal, Transense and Bridgestone agreed to exclusively provide the iTrack system for tyres which are 57 inches and above for its off-the-road customers. Transense also agreed not to have discussions with any other party related to mergers, acquisitions or joint ventures over the next six months in relation to its iTrack business.
The iTrack II system provides real-time data on the condition of the tyres, combined with live tracking of vehicle location and status, as well as live 24/7 control room monitoring of pressures and temperatures, Transense said.
The agreement was for an initial 18 months but has now been extended until February 12, 2022 at the earliest. The period during which Transense has agreed to not have discussions with other parties has also been extended until April 30.
Transense stock was trading 3.8% up at 69.00 pence each at midday Thursday in London.
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