Stoneridge And Orlaco Sign Strategic Alliance Agreement For Mirror Replacement Systems To Enhance Vehicle Safety And Fuel Economy
WARREN, Ohio – July 17, 2015
Stoneridge Inc., (NYSE:SRI), a leading supplier of driver information systems to the global, commercial vehicle, truck, bus and automotive markets, and Orlaco Products BV, a leading supplier of vehicle camera solutions, have executed a strategic alliance agreement to develop, manufacture and sell electronic mirror replacement systems. The unique mirror replacement system integrates Orlaco camera technology and Stoneridge driver information technology (display, electronics and system integration) into an innovative, industry-leading product that enhances safety and improves fuel economy.
Under the agreement, the two companies will design, develop and produce mirror replacement systems targeted initially at the commercial vehicle and off-road transportation markets. Stoneridge will act as the Tier 1 supplier and be responsible for the overall system and vehicle interior products, and Orlaco will be responsible for the vehicle exterior products. These systems will comply with ISO 16505 Camera Monitor Systems.
“Our companies have enjoyed an excellent working relationship that gives us all confidence in our collective ability to deliver an innovative solution to the market,” said Henrie G. van Beusekom, Chief Executive Officer of Orlaco. “This strategic alliance is an effective method to introduce our patented technology by working with an industry leader to provide the market with an integrated solution that leverages our combined strengths. The true strength of this new technology platform is that we are spectacularly improving mirror functionality by providing night-vision, automatic safety panning function during truck-turns and the possibility of video-recording for analysis and security.”
“This strategic alliance brings together a global leader in the instrumentation and electronics markets and a premier camera supplier,” said Jon DeGaynor, Chief Executive Officer of Stoneridge. “Our mirror replacement system has received high praise in driver trials under a variety of driving conditions, as it substantially increases the driver’s field of view, enhances night visibility and improves safety and operating conditions for drivers and fleet owners. In addition to the compelling safety benefits, the small exterior design of this system compared to traditional mirrors improves fuel economy by enhanced aerodynamics. Road testing indicates significant reduction in fuel consumption. This best-in-class mirror replacement solution reaffirms our companies’ continuing commitment to deliver innovation and value to customers worldwide.”
Orlaco, headquartered in the Netherlands with offices in the United States, Germany, Canada and Japan, is a leading supplier of vehicle camera solutions that has successfully built a global business for nearly 25 years. It has strong, leading positions in heavy-duty off-road machines, on-road trucks, forklifts, and lifting mobile cranes, as well as the aftermarket and to OEMs. For more information, please visit www.orlaco.com.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the automotive, commercial vehicle, motorcycle, agricultural and off-highway vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.
For more information, contact:
Kenneth A. Kure, Corporate Treasurer and Director of Finance