NORTHVILLE, Mich., Dec. 16, 2016 /PRNewswire/ -- Gentherm
(NASDAQ-GS:THRM), the global market leader and developer of
innovative thermal management technologies, today announced that it
had entered into an amendment to its credit facility, effective
December 15, 2016, to increase the
aggregate principal amount available for borrowing under the
Company's revolving credit line from $250
million to $350 million.
"The increase in our borrowing capacity complements our strong
liquidity position and cash flow generation, providing us with the
financial flexibility to pursue strategic growth opportunities,"
said Dan Coker, President and
CEO.
In addition, the Company announced today that its Board of
Directors had authorized a stock repurchase program. Under
the three-year program, Gentherm may repurchase, from time to time,
up to $100 million of the Company's
common stock in amounts and at prices as the Company deems
appropriate, taking into account market conditions, applicable
legal requirements, debt covenants and other considerations.
"The announcement of this stock repurchase program reflects the
confidence we have in the future of our company. This program
also gives us the further flexibility to enhance shareholder value
through opportunistic repurchases of our common stock," said
Coker.
The number of shares repurchased and the timing of the
repurchases under the stock repurchase program will be determined
by the Company's management. Repurchases may be made on the
open market or in privately negotiated transactions.
Repurchases may also be made under a Rule 10b5-1 plan, which would
permit shares to be repurchased when the Company might otherwise be
precluded from doing so under securities laws. The
authorization of this stock repurchase program does not require
that the Company repurchase any specific dollar value or number of
shares and may be modified, extended or terminated by the Company's
Board of Directors at any time.
About Gentherm
Gentherm (NASDAQ-GS: THRM) is a global
developer and marketer of innovative thermal management
technologies for a broad range of heating and cooling and
temperature control applications. Automotive products include
actively heated and cooled seat systems and cup holders, heated and
ventilated seat systems, thermal storage bins, heated automotive
interior systems (including heated seats, steering wheels, armrests
and other components), battery thermal management systems, cable
systems and other electronic devices. Non-automotive products
include remote power generation systems, heated and cooled
furniture, patient temperature management systems, industrial
environmental test chambers and related product testing services
and other consumer and industrial temperature control
applications. The Company's advanced technology team is
developing more efficient materials for thermoelectrics and new
systems for waste heat recovery and electrical power
generation. Gentherm has over ten thousand employees in
facilities in the U.S., Germany,
Canada, China, Hungary, Japan, Korea, Macedonia, Malta, Mexico, Ukraine and Vietnam. For more
information, go to www.gentherm.com.
Except for historical information contained herein,
statements in this release are forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent Gentherm Incorporated's goals, beliefs, plans
and expectations about its prospects for the future and other
future events. The forward-looking statements included in
this press release are made as of the date hereof or as of the date
specified and are based on management's current expectations and
beliefs. Such statements are subject to a number of
important assumptions, risks, uncertainties and other factors that
may cause the Company's actual performance to differ materially
from that described in or indicated by the forward looking
statements. Those risks include, but are not limited to: that the
Company may be unable to repurchase its shares of common stock at
favorable prices or at all, due to market conditions, applicable
legal requirements, debt covenants or other restrictions;
compliance with covenants and other restrictions under the
Company's credit facility; the availability and terms of additional
financings; and changes in global, national, regional and/or local
economic conditions and geopolitical climates. The foregoing risks
should be read in conjunction with other cautionary statements
included herein, as well as in the Company's annual report on Form
10-K for the year ended December 31, 2015 and subsequent
reports filed with the Securities and Exchange Commission. Except
as required by law, the Company expressly disclaims any obligation
or undertaking to update any forward-looking statements to reflect
any change in its expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based.
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SOURCE Gentherm