Gentherm Initiates $60 Million Accelerated Share Repurchase

Stock Repurchase Authorization Extended until June 2024

NORTHVILLE, Mich., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems, today announced that it has entered into an accelerated share repurchase agreement (ASR) with Bank of America, N.A. to repurchase an aggregate of $60 million of Gentherm’s common shares. The agreement was entered pursuant to the Company’s previously announced stock repurchase program. The Board of Directors authorized an extension of the stock repurchase program through June 30, 2024, which had approximately $97 million remaining as of October 31, 2023.

The Company will initially receive approximately 1.22 million common shares. The final number of shares to be repurchased will be based on the volume-weighted average price of Gentherm’s common shares during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR. The final settlement of the transactions under the ASR is expected to occur no later than the second quarter of 2024.

“I am pleased to announce our $60 million ASR, which reflects the strength of our balance sheet, cash flow generation and ample liquidity, as well as management and our Board’s continued confidence in our ability over time to grow faster than automotive production while improving profitability,” said Matteo Anversa, Executive Vice President of Finance, Chief Financial Officer and Treasurer. “Returning capital to our shareholders through stock repurchase programs while simultaneously investing in our strategic growth drivers, is consistent with our capital allocation strategy and commitment to increasing shareholder value."

Investor Contact
Yijing Brentano
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248.308.1702

Media Contact
Melissa Fischer
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248.289.9702

About Gentherm
Gentherm (NASDAQ: THRM) is the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems. Automotive products include variable temperature Climate Control Seats, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), battery performance solutions, cable systems, lumbar and massage comfort solutions, valve system technologies, and other electronic devices. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. Gentherm has more than 14,000 employees in facilities in the United States, Germany, China, Czech Republic, Hungary, Japan, Malta, Mexico, North Macedonia, South Korea, United Kingdom, Ukraine, and Vietnam. For more information, go to www.gentherm.com.