Gentherm, a developer of thermal management technologies, announced that its board of directors has authorized an increase in the company’s stock repurchase plan to $300 million. This authorization is an increase to the existing $100 million stock purchase program that was authorized by the company’s board of directors in December 2016.

The remaining authorized repurchase plan has been extended until December 2020 and, as of June 25, 2018, there is approximately $281.5 million available for repurchase under the repurchase plan, as amended.

“The significant increase in our share repurchase program demonstrates our commitment to driving value for our shareholders, while simultaneously investing in critical technologies to further grow our business,” said Phil Eyler, president and CEO. “This program reflects our confidence in our strategic plan and our ability to generate strong cash flows.”