NORTHVILLE, Mich., Oct. 31, 2013 /PRNewswire/ -- Gentherm
(NASDAQ-GS:THRM), the global market leader and developer of
innovative thermal management technologies, today announced that it
has registered a squeeze-out transaction in Germany and now owns 100 percent of the
outstanding shares of W.E.T. Automotive Systems AG. As a
result of the squeeze-out, the remaining shares of W.E.T.,
representing less than one percent of W.E.T.'s outstanding shares,
are transferred to Gentherm and the applicable minority
shareholders are entitled to receive €90.05 per share held at the
time of registration.
"With the registration of the squeeze-out complete," said
President and CEO Daniel R. Coker,
"we will begin the process to delist W.E.T. as a publicly traded
company in Germany. As a result, W.E.T. will no longer be
subject to and have to bear the expense of the separate reporting
requirements for public companies in Germany. The integration
of the two companies is moving forward, and we are very pleased to
have this important step of this process completed and behind
us."
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), cable
systems and other electronic devices. The Company's advanced
technology team is developing more efficient materials for
thermoelectric and systems for waste heat recovery and electrical
power generation for the automotive market that may have
far-reaching applications for consumer products as well as
industrial and technology markets. Gentherm has more than
7,500 employees in facilities in the U.S., Germany, Mexico, China, Canada, Japan, England, Korea, Malta, Hungary and the Ukraine. 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 statements include
statements regarding future business activities and decisions.
Forward-looking statements involve known and unknown risks and
uncertainties which may cause the Company's actual results in
future periods to differ materially from forecasted results. Those
risks include, but are not limited to, risks associated with
adverse conditions in the industry in which the Company operates
may negatively affect its ability to complete its intended
activities and carry out its business decisions. Those and other
risks are described in the Company's annual report on Form 10-K for
the year ended December 31, 2012 and
subsequent reports filed with the Securities and Exchange
Commission (SEC), copies of which are available from the SEC or may
be obtained from the Company. Except as required by law, the
Company assumes no obligation to update the forward-looking
statements, which are made as of the date hereof, even if new
information becomes available in the future.
Contact:
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Allen & Caron
Inc
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Jill Bertotti
(investors)
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jill@allencaron.com
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Len Hall
(media)
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len@allencaron.com
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(949)
474-4300
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SOURCE Gentherm