Benzinga | Jul 8, 2021 02:47PM EDT

Littelfuse, Hirtenberger Automotive Safety Forge Product Development Joint Venture

* Industrial technology manufacturing company Littelfuse Inc (NASDAQ:LFUS) Hirtenberger Automotive Safety formed a product development joint venture referred to as Pyro Technology for Intelligent Circuit Disconnection (PYTIC).

* The financial terms of the transaction remain undisclosed.

* Through this collaboration, PYTIC has jointly developed a highly innovative product, the Pyro Safety Module (PSM).

* The PYTIC PSM caters to the most advanced electric vehicles, including the 500V and 1,000V power classes.

* The PSM's most crucial advantage over other products is its even faster detection of the overcurrent event and thus a significantly faster and safer disconnection of the battery from the rest of the vehicle.

* Price action: LFUS shares traded lower by 0.61% at $248.04 on the last check Thursday.