Brief: Gentherm Approved Restructuring Plan To Improve Manufacturing Productivity And Rationalize Its Footprint

Gentherm

19/09/2023 13:22

Sept 19 (Reuters) - Gentherm Inc  THRM.O :
    * GENTHERM INC SAYS ON SEPT 15, CO APPROVED RESTRUCTURING
PLAN TO
IMPROVE MANUFACTURING PRODUCTIVITY AND RATIONALIZE ITS FOOTPRINT
    * GENTHERM - CO WILL RELOCATE CERTAIN EXISTING
MANUFACTURING,
RELATED ACTIVITIES IN GREENVILLE, SOUTH CAROLINA FACILITY TO NEW
FACILITY IN MONTERREY, MEXICO
    * GENTHERM - RESTRUCTURING PLAN EXPECTED TO LOWER CO'S COST
BASE,
IMPROVE FINANCIAL PERFORMANCE AND CASH FLOW GENERATION
    * GENTHERM - IN CONNECTION WITH RESTRUCTURING PLAN, CO
EXPECTS TO
INCUR TOTAL COSTS OF BETWEEN $14 MILLION AND $18 MILLION
    * GENTHERM - EXPECTS TO INCUR OTHER TRANSITION COSTS
INCLUDING
RECRUITING, RELOCATION, MACHINERY, EQUIPMENT MOVE AND SET UP
COSTS OF BETWEEN $4 AND $5 MILLION

Further company coverage:  THRM.O 

 ((Reuters.Briefs@thomsonreuters.com))