Fallbrook Technologies Inc., a San Diego maker of continuously variable transmissions, said it entered into an exclusive licensing arrangement with Team Industries Inc. for Fallbrook’s technology called NuVinci.
The two companies have been working since 2011 to validate the benefits of the technology for Team’s products, and with the agreement, Fallbrook will begin commercialization of NuVinci products for Team’s customers, said Fallbrook CEO William Klehm.
The agreement includes exclusive manufacturing rights for Team’s light utility and recreational vehicle families for North America and Europe, with development running through 2013 and into 2014. The agreement also provides for royalties with commercialization milestones starting in 2015, the companies said.
Team Industries, based in Minnesota, is the largest supplier of rubber belt continuously variable transmissions to all-terrain vehicles, utility terrain vehicles and a variety of other vehicles, all of which are included in Fallbrook’s license to Team.
In addition to its headquarters in San Diego, Fallbrook has operations in Texas, Michigan, China and Europe.
— Mike Allen