Modine Manufacturing Company

Company Profile



1500 DeKoven Avenue, Racine, WI 53403, USA

Business Overview

-The Company is a leader in thermal management systems, developing and supplying heat transfer technologies, systems, and components for vehicular, industrial, commercial and building HVAC markets.

-Starting on April 1, 2022, the Company is organized into two business segments.

Performance Technologies segment Climate Solutions segment
-The segment combines the previous HDE (Heavy Duty Equipment), Automotive segment and CIS Coatings business. -The segment consists of the previous BHVAC (Building HVAC Systems) and CIS (Commercial and Industrial Solutions) segments, with the exception of CIS Coatings
-The segment now designs and produces air- and liquid-cooled technology for vehicular, stationary power, and industrial applications. It provides thermal management solutions to zero-emission and hybrid commercial vehicle and passenger vehicle and coating products and application services. -The segment currently provides heat transfer products, heating, ventilating, air conditioning and refrigeration (HVAC & refrigeration) products, and data center cooling solutions.


-The Company is listed on the New York Stock Exchange.


Passenger vehicles
-Charge-air coolers
-Parallel-flow condensers
-Parallel-flow oil coolers
-Parallel-flow combination-cooler (oil cooler and condenser)
-Liquid-cooled charge-air coolers
-Layered-Core (LC) heat exchangers for battery temperature control
-Aluminum layered-core oil coolers
-Exhaust gas recirculation coolers
-Plate oil coolers
-Chillers and cooling plates for battery thermal management
-Battery heating solutions
-Auxiliary cooling

  • Power steering coolers
  • Transmission oil coolers

-Component assemblies
-Radiators for special applications

Commercial vehicles
Products for trucks and specialty vehicles
-Welded tube radiators
-Parallel-flow radiators
-Welded tube charge-air coolers
-Parallel-flow condensers
-Parallel-flow oil coolers
-Parallel-flow combination-cooler (oil cooler and condenser)
-Waste heat recovery systems
-Oil coolers
-Exhaust gas recirculation coolers
-Liquid-cooled charge-air coolers
-Custom designed modules
-Surge tanks
-Fan shrouds
-E-Fan cooling modules

Products for transit buses
-Heavy-duty aluminum radiators
-Retarder and non-retarder remote transmission oil coolers
-Bar-plate oil coolers
-Custom designed modules

On-engine cooling
-Exhaust Gas Recirculation (EGR) coolers
-Engine oil coolers
-Stainless steel oil coolers
-Aluminum oil coolers
-Fuel coolers
-Charge-air coolers
-Intake air coolers
-Heat exchangers for battery cooling and heating
-Aluminum liquid-cooled charge-air coolers
-Bar plate liquid-cooled charge-air coolers
-Round Tube Plate Fin (RTPF) liquid-cooled charge-air coolers

Electric vehicle products
-Battery thermal management system (BTMS)
-Electronics cooling packages
-Battery plates for battery cooling and heating
-Chillers for battery cooling and heating
-Fuel cell stack cooling package
-BTMS air-cooled condenser
-BTMS liquid-cooled condenser


1969 Acquired Schemenauer Manufacturing Co.
1980 Acquired Lake Auto Radiator Mfg. Co.
Jul. 1983 Acquired Telcon Industries Inc., a privately owned Co. 
Aug. 1983 Acquired remaining 504,358 outstanding shares of Ontario Ltd. for USD 830,000 in cash and shares of the Company common stock.
Apr. 1984 Acquired West's Radiator, Inc., Indianapolis, Ind.
Jul. 1984 Acquired Beacon Auto Manufacturing Co., Inc.
Aug. 1985 Acquired certain businesses, certain assets and certain common stock investments of McQuay Inc. (sold in Sept. 1994)
1985 Acquired Eskimo Radiator Manufacturing Co.
Feb. 1986 Acquired a 40% interest in Radiators Perfex Mexicanos, S.A. de C.V.
Jul. 1986 Acquired Octagon Cooling Systems Distributors Inc.
Oct. 1987 Acquired Heatex, Inc. of Toronto.
Jan. 1987 Acquired the business and assets of Durafin Radiator Corp. and Central Radiator, Inc. of St. Paul Minn.
1987 Acquired Carolina Cooling Supply Company, Inc. and Stuart Western, Inc.
Nov. 1988 Acquired its partners 50% interest in Windhoff, G.m.b.H. (West Germany)
1988 Acquired the businesses and assets of NAYCO Distributors, Inc.
Apr. 1989 Acquired the business and assets of Ted Reed Thermal, Inc. and 55% share in NRF Holding, B.V., Holland for USD 16,318,000 in cash and notes.
Apr. 1990 Acquired Industrial Airsystems Inc.
Oct. 1993 Through Modine GmbH, acquired Langerer & Reich, a German limited partnership.
Dec. 1993 Acquired its partner's 50% ownership in the joint venture company Austria Warmetauscher Gesellschaft m.b.H.
1994 Disposed of its 36% interest in McQuay do Brasil for USD 1.5 million.
May 1995 Through its subsidiary NRF holding B.V., acquired Radiadores Montana S.A., a Spanish manufacturer and distributor to the automotive aftermarket.
May 1995 Acquired its partner's 57% ownership in the joint-venture company Radinam S.A., which owns Mexpar (Manufacturera Mexicana de Partes de Automoviles S.A. de C.V.), a radiator manufacturer in Mexico City.
1995 Acquired its partner's 50% ownership in the joint venture company Austria Warmetauscher GmbH.
Jul. 1995 Acquired Equion's Signet System Division. The cash purchase was valued at approximately USD 54 million, net of the assumption of certain liabilities by the Company
Sep. 1995 Sold the business and assets of its extruded copper-tubing business to National Tube Holding Company, Inc.
Oct. 1996 Through its wholly owned subsidiary, Modine GmbH, purchased 41.33% of Constructions Mecaniques Mota, S.A., based near Marseilles in Province, France. The purchase price of USD 4,236,000 was paid for by using an existing, unsecured, revolving-credit arrangement.
Jan. 1998 Acquired the business and assets of Sun Technology Corporation. The acquisition purchase price of USD 3,173,000 was paid for with cash and a promissory note for USD 320,000.
Aug. 1998 Through its wholly owned subsidiary Modine Do Brasil, Ltda., purchased a 50% interest in Radiadores Visconde, Ltda., a Brazilian heat-transfer company based in Sau Paulo, Brazil. The purchase price of USD 26,187,000 was financed through a combination of cash provided by operations, new borrowing under the increased revolver, and a promissory note in the amount of USD 10,000,000 to the sellers.
Oct. 1998 Acquired Core Holdings, Inc. The acquisition purchase price was USD 24,300,000. The transaction was financed with cash, existing short-term borrowing, and USD 3,921,000 of promissory notes to the sellers.
Apr. 2001 Completed the acquisition of Thermacore International, Inc. for USD 110 million.
Apr. 2004 Acquired the Automotive Climate Control Division ("ACC") of WiniaMando Inc.
Apr. 2006 Reached a tentative agreement to acquire the remaining 50% of Radiadores Visconde it does not already own.
Dec. 2009 Sold 100% of the shares of Modine Korea LLC to KB Synthetics Co., Ltd.
Jan. 2016 Completed a joint venture in Yangzhou, China.
Sep. 2016 Acquired Luvata Heat Transfer Solutions (HTS) for approximately USD 422 million.
Mar. 2018 Completed construction of a new, 92,000 square-foot production facility in Mezokovesd, Hungary.
Jul. 2019 Sold the company’s 50% stake in its Nikkei Heat Exchanger Company, Ltd. joint venture to its partner in the joint venture, Japan-based Nippon Light Metal Company, Ltd., (NLM).
May 2021 Sold the Austrian air-cooled automotive business to Schmid Metall GmbH.
Sep. 2021 Established a separate business unit to focus exclusively on thermal management systems for electric vehicles (EV).

Supplemental Information 1