Acquisition will add one of the largest suppliers of HVACR coils and coatings
RACINE, Wis. — Modine Manufacturing Co., a leading provider of thermal management technology and solutions, announced it has entered into a definitive agreement to acquire Luvata Heat Transfer Solutions (HTS) for approximately $422 million, to be financed through a combination of cash, debt, and $25 million of Modine common stock. Modine expects the transaction to close within calendar year 2016, subject to customary closing conditions, including regulatory review.
“We are excited to announce that we have taken the next step in our transformational ‘Strengthen, Diversify and Grow’ corporate strategy through the upcoming addition of Luvata HTS,” said Thomas A. Burke, Modine president and chief executive officer. "Luvata HTS is the largest independent producer of HVACR coils and coatings globally. They bring an innovative culture and broad product offering that are highly complementary to Modine. Further, they bring a global footprint with manufacturing facilities spread over three continents, all of which are supported by best in class sales, engineering, and support teams. Most importantly, the addition of Luvata HTS helps to expand our margin profile and future growth opportunities. We look forward to welcoming the Luvata HTS team to our family.”