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Modine to buy Daikin's share in joint venture

April 20, 2000

ACINE, WI — Modine Manufacturing Co. and Daikin Industries, Ltd., have reached a basic agreement that Daikin Industries will sell all its Daikin-Modine Inc. common stock to Modine Manufacturing in June.

Daikin-Modine, a joint venture between the two companies, was established in June 1998 to develop, manufacture, and market commercial unitary air conditioning systems. The joint venture will be restructured into the Modine HVAC Division.

Both Daikin Industries and Modine Manufacturing will continue to jointly develop duct-type air conditioning technologies after the acquisition.

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