Gentherm Announces Acquisition of Cincinnati Sub-Zero Products
Provides platform for growth in new markets
NORTHVILLE, Mich. –Â 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.
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SOURCE Gentherm
Web Site: http://www.gentherm.com
