Brief: Gentherm Inc - On Dec 31, 2022, Board Approved Co's Plan To Exit Its Non-Automotive Electronics Business

Gentherm

06/01/2023 21:29

Jan 6 (Reuters) - Gentherm Inc  THRM.O :
    * GENTHERM INC - ON DEC 31, 2022, BOARD APPROVED CO'S PLAN
TO EXIT
ITS NON-AUTOMOTIVE ELECTRONICS BUSINESS
    * GENTHERM INC - WILL CONTINUE TO SELL CERTAIN BUSINESS
PRODUCTS
UNTIL THE EXIT IS COMPLETE
    * GENTHERM INC - BOARD’S DETERMINATION WILL HAVE NO IMPACT
ON THE
COMPANY’S AUTOMOTIVE ELECTRONICS BUSINESS
    * GENTHERM INC - FOR THE 12 MONTHS ENDED DEC 31, 2022, CO'S
PRODUCT REVS FROM NON-AUTOMOTIVE ELECTRONICS BUSINESS EXPECTED
TO BE ABOUT $17 MILLION
    * GENTHERM INC - COMPANY IS EVALUATING A POTENTIAL SALE OF
NON-AUTOMOTIVE ELECTRONICS BUSINESS OR SUBSTANTIALLY ALL OF ITS
ASSETS
    * GENTHERM INC-IF SALE OF NON-AUTOMOTIVE ELECTRONICS
BUSINESS IS
NOT PURSUED CO TO WIND-DOWN OPERATIONS OF BUSINESS OVER ABOUT
8-12 MONTHS
    * GENTHERM INC-IN CONNECTION WITH EXIT FROM NON-AUTOMOTIVE
ELECTRONICS BUSINESS, CO EXPECTS TOTAL NON-CASH EXPENSES OF
BETWEEN $13 MILLION AND $18 MILLION

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