Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 47

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 47
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 a new facility in Monterrey, Mexico. During the year ended December 31, 2024, the Company completed the sale of its Greenville, South Carolina manufacturing facility, resulting in a gain on sale of $1,927. The gain on sale was recorded as a reduction of restructuring expenses, net in the consolidated statements of income. During the year ended December 31, 2024, the Company also recognized restructuring expense of $1,839 for employee separation costs and $2,381 for other costs. 

 F-18

GENTHERM INCORPORATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)(In thousands, except share and per share data)  

During the year ended December 31, 2023, the Company recognized restructuring expense of $538 for employee separation costs and $159 for other costs.Since the inception of this program, the Company has recorded $2,990 of restructuring expenses, net, related to employee severance, retention termination costs, accelerated depreciation of fixed assets, gain on sale and other transition costs. The remaining actions under this 2023 Plan, including the consolidation of our original manufacturing site in Monterrey, Mexico into our new facility, are expected to be substantially completed by the end of 2025. The Company expects to incur less than $1,000 of additional restructuring costs for the 2023 Plan.Other Restructuring ActivitiesThe Company has undertaken several discrete restructuring actions in an effort to optimize its cost structure.During the year ended December 31, 2024, the Company’s Automotive segment recognized $6,216 for employee separation costs related to structural cost reductions impacting the Company’s global salaried workforce. During the year ended December 31, 2024, the Company’s Automotive segment recognized $1,965 for employee separation costs and $474 for other costs related to the relocation of electronic component manufacturing in Germany to a manufacturing facility in China.During the year ended December 31, 2024, the Company recognized $876 for employee separation costs and $1,286 for other costs related to all other restructuring actions. These other restructuring actions are focused on the reduction of global overhead costs. The Company expects to incur less than $1,000 of additional restructuring costs for the other restructuring actions that have been approved as of December 31, 2024.During the years ended December 31, 2023 and 2022, the Company recognized $3,208 and $56 for employee separation costs, respectively,