Gentex Completes Acquisition of HomeLink(R)
ZEELAND, MI -- (Marketwired) -- 09/27/13 -- Gentex Corporation,
(NASDAQ: GNTX), the Zeeland, Michigan-based manufacturer of
automotive automatic-dimming rearview mirrors, automotive
electronics, dimmable aircraft windows, and fire protection products,
has completed the previously announced acquisition of Johnson
Controls' HomeLink(R) business. The acquisition was completed on
September 27, 2013.
HomeLink(R) is 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. HomeLink(R) is currently offered in all
automotive brands, 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.
Gentex has been integrating HomeLink into its automatic-dimming
rearview mirrors for more than 10 years. The acquisition secures
Gentex's current customer and product offerings in HomeLink mirrors,
and enables new opportunities for Gentex to provide HomeLink for all
automotive interior applications.
"HomeLink(R) is highly appreciated by our customers, and we have been
very successful in combining it with all of our other electronic
technologies," said Gentex Chairman of the Board and Chief Executive
Officer Fred Bauer. "Gentex looks forward to leveraging this success
to use the HomeLink(R) acquisition to enable and expand our
capabilities beyond the mirror."
Under the terms of the agreement, Gentex has acquired all of Johnson
Controls' HomeLink assets, intellectual property, testing facilities,
and certain employees who manage and support the business.
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. These forward-looking statements generally can be
identified by the use of words such as "anticipate", "believe",
"could", "estimate", "expect", "forecast", "goal", "hope", "may",
"plan", "project", "will", and variations of such words and similar
expressions. 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 risks and uncertainties include, without limitation,
changes in general industry or regional market conditions; changes in
consumer and customer preferences for our products; our ability to be
awarded new business; continued uncertainty in pricing negotiations
with customers; loss of business from increased competition; customer
bankruptcies or divestiture of customer brands; fluctuation in
vehicle production schedules; changes in product mix; raw material
shortages; higher raw material, fuel, energy and other costs;
unfavorable fluctuations in currencies or interest rates in the
regions in which we operate; costs or difficulties related to the
integration of any new or acquired technologies and businesses;
changes in regulatory conditions; warranty and recall claims and
other litigation and customer reactions thereto; possible adverse
results of pending or future litigation or infringement claims;
negative impact of any governmental investigations and associated
litigations including securities litigations relating to the conduct
of our business; integration of the newly acquired HomeLink business
operations; retention of the newly acquired customers of the HomeLink
business; and expansion of product offerings including those
incorporating HomeLink technology. 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 identified under the heading "Risk Factors" in the
Company's latest Form 10-K and Form 10-Q filed with the SEC.
About The Company
Founded in 1974, Gentex Corporation (NASDAQ: GNTX)
is a supplier of automatic-dimming rearview mirrors and electronics
to the automotive industry, dimmable aircraft windows for aviation
markets, and fire protection products to the fire protection market.
Visit the Company's web site at www.gentex.com.
(616) 772-1590, ext. 4207
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