Gentherm Inc (THRM): restructuring charge — Gentherm to exit non-automotive electronics business, expects $13M-$18M in impairment charges

Gentherm Inc

Board approved plan to exit non-automotive electronics business; evaluating sale or wind-down over 8-12 months.
FY2022 product revenues from this business expected ~$17M; non-cash impairment charges of $13M-$18M.
Impairment includes inventory ($7M-$12M), intangible assets (~$5M), and PP&E (~$1M); plus ~$500K transition costs.
Company says no impact on automotive electronics business; charges excluded from non-GAAP 2022 metrics.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Gentherm Inc announced a restructuring with charges of between $13 million and $18 million affecting non-automotive electronics business.

Type: restructuring
Charge: between $13 million and $18 million
Affected area: non-automotive electronics business

Exact text from the filing

be utilized by other operations of the Company. In connection with approval of the plan to exit the Business, the Company is expected to incur total non-cash expenses of between $13 million and $18 million, including impairment of inventory of between $7 million and $12 million, impairment of intangible assets of approximately $5 million, and impairment of a portion

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Gentherm Inc filing history →

Source: SEC EDGAR

accession 0001193125-23-003553

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