Modine Manufacturing Company
Company Profile
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. |
Shareholders
-The Company is listed on the New York Stock Exchange.
Products
Passenger vehicles
-Radiators
-Condensers
-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
History
| 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
>>>Business Report FY ended Mar. 31, 2008
>>>Business Report FY ended Mar. 31, 2009
>>>Business Report FY ended Mar. 31, 2010
>>>Business Report FY ended Mar. 31, 2011
>>>Business Report FY ended Mar. 31, 2012
>>>Business Report FY ended Mar. 31, 2013
>>>Business Report FY ended Mar. 31, 2014
>>>Business Report FY ended Mar. 31, 2015
