NORTHVILLE, Mich. and CELAYA, Mexico, Nov. 4, 2015 /PRNewswire/ -- Gentherm (NASDAQ-GS: THRM), the global market leader and a developer of innovative thermal management technologies, announced today that it intends to expand its production capacity in the fast growing North American market by opening a new manufacturing facility in Mexico close to the city of Celaya in the state of Guanajuato, Mexico in the central part of the country.
The new facility will be approximately 140,000 square feet in size and is tentatively scheduled to open in the third quarter of 2016. The facility will be dedicated to the production of the full line of Gentherm seat comfort and industrial products, and is expected to provide jobs for up to 1,500 people.
The Celaya facility in central Mexico will be the third facility in Mexico supporting the North American market. In 2014, Gentherm announced it was expanding its production capacity in Asia and Europe with the construction of new facilities in Vietnam and Macedonia.
"Our goal is to locate our manufacturing facilities near our customers, in North America, Europe and Asia, to better serve our customers in all those areas," said Gentherm President and CEO Daniel R. Coker. "We know the work environment in Mexico well, having already enjoyed success in our manufacturing facilities there. We look forward to working with a new group of employees in central Mexico and continuing our success serving our customers throughout North America."
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), 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 nearly 10,000 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.
Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding future sales, products, opportunities, markets, expenses and profits. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks that sales may not increase, additional financing requirements may not be available, new competitors may arise, currency exchange rates may change, and adverse conditions in the industry in which the Company operates may negatively affect its results. Those and other risks are described in the Company's annual report on Form 10-K for the year ended December 31, 2014 and subsequent reports filed with the Securities and Exchange Commission (SEC), copies of which are available from the SEC or may be obtained from the Company. Except as required by law, the Company assumes no obligation to update the forward-looking statements, which are made as of the date hereof, even if new information becomes available in the future.