Northville-based Gentherm, which develops thermal management technologies for heating, cooling, and temperature control applications, announced today that it has acquired Global Thermoelectric Inc., which claims customers including Exxon Mobil, Gazprom, and Shell.
Based in Calgary, Canada, Global Thermoelectric Inc. manufactures industrial thermoelectric generator systems and remote power generation used in the oil and gas, telecommunications, security, and military industries. In 2013, the company’s revenue totaled $34 million.
“The addition of Global Thermoelectric to the Gentherm family supports the power generation initiatives of our advanced technology group, offering additional expertise in thermoelectric generators and providing us with access to a number of new industrial and commercial markets,” says Daniel R. Coker, president and CEO of Gentherm. “In addition, this acquisition is a prime example of our ongoing initiative to grow and become a more diverse and capable company through strategic acquisitions.”
Gentherm’s advanced technology team is currently developing more efficient materials for waste heat recovery and electrical power generation for the automotive market.
As part of the acquisition, the staff of GTE — which will operate as a subsidiary of Gentherm — will remain in Calgary, led by its current management team.
Additional terms of the transaction were not disclosed.