Gentherm completed its combination with Modine Manufacturing’s Performance Technologies business on October 1, 2026. Modine distributed SpinCo shares pro rata; each SpinCo share converted into 0.44619 Gentherm common shares, and Gentherm issued 23,735,961 shares. Former Modine shareholders held approximately 43.62% of Gentherm’s outstanding shares after closing, while prior Gentherm shareholders held approximately 56.38%, excluding overlapping ownership.
SpinCo borrowed $250 million under a delayed draw term loan facility and distributed $156 million to Modine, which used it to repay debt. Gentherm declared a special cash dividend of $2.07 per share, totaling $63,500,492, payable October 7, 2026, to holders of record September 28, 2026. Gentherm and certain domestic subsidiaries guaranteed the loan.
Unaudited carve-out results for Performance Technologies for the quarter ended June 30, 2026 showed net sales of $277.8 million versus $285.5 million and net earnings attributable to the Company of $15.6 million versus $11.8 million. Net cash provided by operating activities was $6.5 million versus $27.7 million. Gentherm increased authorized common shares from 55 million to 110 million and appointed Paul Mascarenas to its board, expanding it from nine to 10 members.