Modine Announces Sale of Three Automotive Businesses in Germany Principally Manufacturing Parts for Internal Combustion Engine Applications in Europe
- Sale of non-strategic businesses aligns with Modine's strategy to prioritize high-margin technologies.
- Divestiture allows Modine to focus on innovative, engineered solutions that support long-term margin targets.
- None.
Divestiture reflects corporate strategy to focus on higher-margin technologies with strong growth drivers.
"The sale of these businesses is in line with our strategy to focus our resources on high-margin technologies with strong growth drivers," said Neil Brinker, President and Chief Executive Officer of Modine. "These businesses produce and service non-strategic parts for internal combustion diesel and gasoline engines in the European automotive market. Coming on the heels of Modine's acquisition of Napps Technology, the divestiture of these businesses represents our continued commitment to focus on innovative, engineered solutions that help us achieve our long-term margin targets and furthers our purpose of engineering a cleaner, healthier world."
The businesses manufacture exhaust gas recirculation coolers, radiators and charge air cooler modules for automotive internal combustion engine applications in
"We've been clear that Modine's priorities for its vehicular businesses are to focus on the most value-added technologies and systems, while rationalizing non-strategic product lines," said Adrian I. Peace, President, Performance Technologies. "Exhaust gas recirculation coolers, radiators and charge air cooler modules for automotive internal combustion engines in
About Modine
At Modine, we are Engineering a Cleaner, Healthier World™. Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources. More than 11,000 employees are at work in every corner of the globe, delivering the solutions our customers need, where they need them. Our Climate Solutions and Performance Technologies segments support our purpose by improving air quality, reducing energy and water consumption, lowering harmful emissions and enabling cleaner running vehicles and environmentally-friendly refrigerants. Modine is a global company headquartered in
Investor Contact: Kathleen Powers; kathleen.t.powers@modine.com; (262) 636-1687
Media Contact: pr@modine.com
Forward-Looking Statements
This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "intends," "projects," and other similar "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under "Risk Factors" in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended March 31, 2023 and under Forward-Looking Statements in Item 7 of Part II of that same report and in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, rising energy costs, along with supply chain challenges or supplier constraints, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, increases in interest rates or tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve, from regulatory and/or policy changes, including those related to tax and trade, climate change, COVID-19 or future public health threats, the military conflict in
View original content to download multimedia:https://www.prnewswire.com/news-releases/modine-announces-sale-of-three-automotive-businesses-in-germany-principally-manufacturing-parts-for-internal-combustion-engine-applications-in-europe-301919290.html
SOURCE Modine