NORTHVILLE, Mich., March 31, 2016 /PRNewswire/
-- Gentherm (NASDAQ-GS:THRM), the global market leader
and developer of innovative thermal management technologies,
announced today that, effective April 1,
2016, it will acquire Cincinnati Sub-Zero Products
(CSZ). Based in Cincinnati,
Ohio, CSZ manufactures both high quality patient temperature
systems for the health care industry and custom environmental test
chambers used by a wide range of industrial manufacturing companies
for product testing. CSZ also provides related environmental
testing services to these markets. CSZ's 2015 revenues were
approximately $63 million.
"We are very happy to welcome the CSZ team to the Gentherm
family," said Gentherm President and CEO Daniel R. Coker. "CSZ's respected market
reputation, established product portfolio and customer base,
combined with our market-leading thermal management solutions and
expertise, create a strong platform for growth in the medical and
industrial test equipment markets, which are new for Gentherm."
"We are very excited to be a part of the Gentherm team," said
Steven J. Berke, President of CSZ.
"Gentherm's broader scope and scale, as a global company, will
provide CSZ much greater reach in serving its existing and
potential markets."
CSZ is a recognized market leader of temperature management
solutions with over 75 years of industry experience.
Operating in three distinct divisions of Medical, Industrial and
Testing, CSZ offers a large portfolio of temperature management
products to the markets they serve.
CSZ will be operated as a subsidiary of Gentherm, with its
headquarters in Cincinnati, Ohio
and operations in Ohio and
Michigan. CSZ will continue to be led by Mr. Berke and CSZ's
current management team.
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 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, including its ability to serve as a growth platform
for CSZ, the financial and operational performance of the combined
entities and its ability to retain CSZ's management
team. 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. The risks include, but are not limited
to, delays or difficulties in integrating the combined businesses,
the ability to achieve cost savings and operating synergies and the
timing thereof, the Company's lack of familiarity with certain of
the markets in which CSZ operates, general economic conditions in
the regions and industries in which the parties operate, and the
Company's ability to appropriately incentivize CSZ management to
continue working on behalf of the Company. 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.
Contact:
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DresnerAllenCaron
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Mike Mason
(investors)
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mmason@dresnerallencaron.com
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(212)
691-8087
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Rene Caron
(investors)
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rcaron@dresnerallencaron.com
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Len Hall
(media)
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lhall@dresnerallencaron.com
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(949)
474-4300
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SOURCE Gentherm