Exactly this, and on an old Pepsi chiller I had having spoken with the late (and sadly missed) @sikadog, I replaced it with an MTC-1000A digital controller cheap off Amazon IIRC. Nice digital display, easy to install and set up.It may be the old thermostat was knackered and has been bypassed with a new one (hence new wiring). I don't think it's uncommon to do that.