Recent Updates — THRM
Gentherm reported third-quarter product revenues of $405.1 million, a 4.7% increase from the prior year period, with adjusted diluted earnings per share of $0.33 compared to $0.73 in the previous year. The company updated its full-year 2026 guidance upward to reflect the expected contribution from Modine Performance Technologies, which Gentherm completed acquiring on October 1. Additionally, Gentherm announced it repurchased $60 million of common stock in October under a newly authorized $400 million buyback program and returned $63.5 million to shareholders via a special cash dividend of $2.07 per share earlier in the month. The company operates as a global leader in innovative thermal and precision flow management technologies for automotive, medical, and commercial markets.
On October 1, 2026, Gentherm Incorporated completed its previously announced combination with Modine Manufacturing Company’s Performance Technologies Business. Under the transaction terms, former Modine shareholders received approximately 43.62% ownership in the combined entity, while continuing Gentherm shareholders retained roughly 56.38%. The preliminary purchase consideration was valued at $792.1 million, based on a share price of $33.30 and an exchange ratio converting SpinCo shares into Gentherm stock plus cash for fractional interests. Concurrently, Gentherm declared and paid a special cash dividend of $2.07 per share to its shareholders of record as of September 28, 2026. The acquisition establishes Gentherm as a scaled leader in thermal management solutions, expanding capabilities in precision flow management for power generation, commercial, heavy-duty, light vehicle, and medical end markets. Gentherm operates in the automotive and industrial manufacturing sectors, providing thermal management systems.
On October 1, 2026, Gentherm completed a Reverse Morris Trust transaction to acquire Modine Manufacturing Company’s Performance Technologies business. Modine shareholders received 0.44619 shares of Gentherm common stock for each share held as of the September 28, 2026 record date, resulting in them owning approximately 43.62% of the combined company. Gentherm declared a special cash dividend of $2.07 per share, payable on October 7, 2026 to shareholders of record as of September 28, 2026. The transaction involved SpinCo borrowing $250 million under a credit facility and Gentherm increasing its authorized common stock from 55 million to 110 million shares. Paul Mascarenas was appointed to the board, expanding it to ten members. Gentherm is a global leader in thermal and precision flow management technologies for automotive, medical, and industrial markets.
Gentherm shareholders approved key proposals at a Special Meeting held on September 10, 2026, clearing the final corporate governance hurdles for its Reverse Morris Trust combination with Modine Manufacturing Company’s Performance Technologies business. Approximately 94.8% of outstanding shares voted in favor, with 99% of votes cast supporting the share issuance proposal and 94% supporting the charter amendment to increase authorized common stock. The transaction is expected to close on October 1, 2026, subject to customary closing conditions. Gentherm operates in the automotive and medical sectors, providing thermal management and pneumatic comfort technologies.
Gentherm reported second quarter 2026 product revenues of $416.2 million, an 11.0% increase year-over-year. Net income rose to $4.4 million from $0.5 million in the prior year, while adjusted diluted earnings per share reached $0.75 compared to $0.54. The company raised its full-year 2026 guidance, forecasting product revenues between $1.55 billion and $1.65 billion and adjusted EBITDA between $185 million and $200 million. Additionally, the Board terminated its $150 million 2024 stock repurchase program and authorized a new $400 million program effective July 27, 2026, spanning three years. Gentherm also completed key deliverables for its planned combination with Modine Performance Technologies and acquired Innovative Medical Equipment, LLC. Gentherm is a thermal management and pneumatic comfort technology provider for automotive and medical markets.
Gentherm Incorporated entered into a Third Amended and Restated Credit Agreement on June 29, 2026, providing a $550 million secured five-year revolving credit facility with Bank of America, N.A. as administrative agent. The facility includes a $50 million sublimit for swing line loans and a $30 million sublimit for letters of credit. Gentherm operates in the automotive and medical technology industries, providing thermal management solutions.