Gentherm Announces New Stock Repurchase Authorization

Core Viewpoint - Gentherm has announced a new stock repurchase program of $150 million, reflecting the Board's confidence in the company's future performance and cash flow generation [1][2]. Stock Repurchase Program - The new stock repurchase program will commence after the current program, which started in 2020 and has approximately $26 million remaining as of June 4, 2024 [2]. - The timing and number of shares repurchased will be determined by the company's management, considering capital uses and market conditions [2][3]. - Various methods may be used for stock repurchases, including open market purchases and accelerated share repurchase programs [3]. Company Overview - Gentherm is a leader in thermal management and pneumatic comfort technologies for the automotive industry and medical patient temperature management systems [4]. - The company offers a range of automotive products, including Climate Control Seats and heated interior systems, and is developing new technologies for existing and new markets [4]. - Gentherm employs over 14,000 people across multiple countries, including the United States, Germany, China, and others [4].