Gentherm has acquired Global Thermoelectric in a deal to bring new technology to the Northville-based firm’s portfolio.
Gentherm, which develops thermal management technologies, was interested in Global Thermoelectric's industrial thermoelectric generator systems, specifically their remote power generation.
Global Thermoelectric, which is based in Calgary, makes systems that can operate in remote industrial areas.
"We like that concept very much," says Daniel Coker, president & CEO of
Gentherm. "We're experts in thermal electrics."
Gentherm has hired 30 people in the last year, expanding its headquarters and research-and-development facility in Northville to 150 employees. It has plans to add more soon.
"We're trying to hire more people as we speak," Coker says. "We hired three people last week."
Gentherm grew its revenue by 19.2 percent last year and 10 percent two years ago. The 23-year-old business expects a double-digit revenue increase this year.
"Our goal is to grow 10-15 percent a year, and we achieve our goals," Coker says.
Source: Daniel Coker, president & CEO of Gentherm
Writer: Jon Zemke
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