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Gentherm has entered into an amendment to its credit facility to increase the aggregate principal amount available for borrowing through the company's revolving credit line from US$250m to $350m.

"The increase in our borrowing capacity complements our strong liquidity position and cash flow generation, providing us with the financial flexibility to pursue strategic growth opportunities," said Gentherm president and CEO, Dan Coker.

In addition, the company has authorised a three-year stock repurchase programme, with Gentherm able to repurchase, from time to time, up to US$100m of common stock, taking into account market conditions, applicable legal requirements, debt covenants and other considerations.

"The announcement of this stock repurchase programme reflects the confidence we have in the future of our company," added Coker. "This programme also gives us the further flexibility to enhance shareholder value through opportunistic repurchases of our common stock."

The number of shares repurchased and the timing of the repurchases under the stock repurchase programme will be determined by management. Repurchases may be made on the open market or in privately negotiated transactions. .

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By GlobalData