By Kathryn Hardison
Gentherm Inc. plans to exit its non-automotive electronics business as it focuses on more profitable operations.
The Northville, Mich.-based maker of heating, cooling and ventilating devices said it is evaluating a potential sale of the business or substantially all of its assets. If it can’t find a buyer, Gentherm plans to wind down the operations over eight to 12 months, the company said in a filing with the Securities and Exchange Commission.
Product revenue from non-automotive electronics business is expected at about $17 million in 2022, the company said Friday.
Gentherm said it expects to incur total non-cash expenses between $13 million and $18 million as it exits the business. That comprises impairment of inventory of between $7 million and $12 million, impairment of intangible assets of about $5 million, and impairment of a portion of property, plant and equipment of about $1 million.
Write to Kathryn Hardison at kathryn.hardison@wsj.com