Gentex Signs Agreement to Acquire HomeLink(R)

Gentex Signs Agreement to Acquire HomeLink(R) 
ZEELAND, MI -- (Marketwired) -- 07/18/13 --  Gentex Corporation
(NASDAQ: GNTX), the Zeeland, Michigan-based manufacturer of
automatic-dimming rearview mirrors and camera-based lighting and
driver-assist systems for the automotive industry, commercial fire
protection products and dimmable aircraft windows, today announced
the signing of a definitive agreement to acquire Johnson Controls'
HomeLink(R) business. 
"HomeLink is a strategic and welcome addition to our portfolio of
automotive products," said Gentex Chairman of the Board and Chief
Executive Officer Fred Bauer. "Our two businesses share similar
cultures and traits, both being people-oriented, innovative, leading
and technologically-driven." 
HomeLink, a vehicle-based control system that enables drivers to
remotely activate garage door openers, entry door locks, home
lighting, security systems, entry gates, and other radio frequency
convenience products, has been integrated into Gentex'
automatic-dimming rearview mirrors for more than 10 years. It is
compatible with a wide variety of home safety and convenience
products, and is currently offered in all automotive brands. HomeLink
is compatible with more than 99 percent of garage door opening
systems, and is sold in North America, Europe, Africa, Asia/Pacific
and the Middle East. 
Under the terms of the agreement, Gentex will acquire all of Johnson
Controls' HomeLink assets, intellectual property, testing facilities,
and the talented employees who manage and support the business, for a
purchase price of $700 million. The transaction is subject to
customary closing conditions, including certain regulatory approval,
and is targeted to close on or about September 30, 2013.  
"During the integration, which is expected to occur over the next 12
to 18 months, our customers will continue to receive the same great
quality that they have grown accustomed to from Gentex and Johnson
Controls," continued Bauer.  
Once fully integrated the Company expects that its' annual revenue
will increase in the range of $125 million to $150 million per year.
The Company also estimates that the Company's gross profit margin
will be positively impacted in the range of 1% - 1.5% on a
consolidated basis. The Company further expects that once the
integration is completed, operating expenses for the Company will be
in the range of the company's historical operating expenses as a
percent of sales. Based on these estimates and expectations, the
Company forecasts the addition of HomeLink to be accretive to
profitability and earnings per share, and a growth driver for the
business overall. 
There will be an opportunity to ask questions about the announcement
of this acquisition as part of the previously announced second
quarter earnings conference call on July 24, 2013 at 10:30 am. 
Safe Harbor for Forward-Looking Statements 
This news release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The statements contained in this
communication that are not purely historical are forward-looking
statements. Forward-looking statements give the Company's current
expectations or forecasts of future events. Such statements are
subject to risks and uncertainties that are often difficult to
predict and beyond the Company's control, and could cause the
Company's results to differ materially from those described. These
uncertainties and other factors include, but are not limited to,
risks associated with this transaction, including the occurrence of
any event, change or other circumstances that could give rise to the
termination of the asset purchase agreement, the inability to
complete the transaction due to the failure to satisfy the conditions
to completion of the transaction, including the expiration of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, and failure to obtain, delays in obtaining or adverse
conditions contained in any required regulatory or other approvals.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date they are
made. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by law or
the rules of the Nasdaq Global Select Market. Accordingly, any
forward-looking statement should be read in conjunction with the
additional information about risks and uncertainties as discussed in
the Company's filings with the SEC. 
About The Company 
Founded in 1974, Gentex Corporation (NASDAQ: GNTX) is the leading
supplier of automatic-dimming rearview mirrors and camera-based
lighting-assist and driver-assist systems to the global automotive
industry. The Company also provides commercial smoke alarms and
signaling devices to the global fire protection market, as well as
dimmable aircraft windows for the commercial, business and general
aviation markets. Based in Zeeland, Michigan, the international
Company develops, manufactures and markets interior and exterior
automatic-dimming automotive rearview mirrors that utilize a
proprietary electrochromic technology to dim in proportion to the
amount of headlight glare from trailing vehicle headlamps. More than
half of the Company's interior mirrors are sold with advanced
electronic features, and more than 98 percent of the Company's net
sales are derived from the sale of auto-dimming mirrors to every
major automaker in the world. Visit the Company's web site at
www.gentex.com. 
CONTACT: 
Gentex Corporation
Investor/Media Relations 
(616) 772-1590, ext. 4207 
 
 
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