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Slide #56. Gentherm — W.E.T. Automotive Systems AG
W.E.T. Automotive Systems AG
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.
Gentherm is a developer and marketer of thermal management technologies for a range of heating and cooling and temperature control applications. Co.'s products provide solutions for automotive passenger climate, battery thermal management, cell connecting systems and patient temperature management within the health care industry. Co. has two reportable segments: Automotive, which is comprised of its global automotive businesses, including its climate comfort systems, automotive cable systems, battery thermal management and automotive electronic and software systems; and Industrial, which includes its patient temperature management systems business and its research and development division.
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