Gentherm Acquires Global Thermoelectric

(RTTNews) - Gentherm (THRM), a provider of thermal management technologies, said Tuesday it has acquired all the stock of privately held Global Thermoelectric Inc. in an all-cash transaction.

Based in Calgary, GTE is the world's market leader in industrial thermoelectric generator systems and remote power generation, Gentherm said. GTE's 2013 revenues were about $34 million.

Additional terms of the transaction were not disclosed.

"The addition of Global Thermoelectric to the Gentherm family supports the power generation initiatives of our advanced technology group...," said Gentherm CEO Daniel Coker.

GTE products are used in remote oil and gas, telecommunications, security and military industries.