Modine Manufacturing Company

Company Profile

■URL

https://www.modine.com/

■Address

1500 De Koven Avenue, Racine, WI 53403, USA

Business Overview

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

-Effective April 1, 2022, the Company’s operations were organized into two operating segments: Climate Solutions and Performance Technologies. Each operating segment is further organized into individual businesses as follows:
Climate Solutions:

Heat Transfer Products business: Provides heat transfer coils for HVAC&R markets including commercial and residential HVAC, mobile air conditioning, refrigeration, data center management, and precision and industrial cooling.
HVAC&R business: Provides a range of solutions for heating, indoor air quality, commercial and industrial refrigeration, and industrial power generation markets.
Data Center Cooling business: Provides sustainable cooling solutions for data centers.

Performance Technologies:

Air-Cooled Applications business: Provides air-cooled heat exchangers and modules for vehicular, stationary power, and industrial applications. This includes the commercial vehicle and off-highway markets.
Liquid-Cooled Applications business: Provides heat exchangers for engine, stationary power, and industrial applications. This includes the commercial vehicle, off-highway and automotive markets.
Advanced Solutions business: Provides products and solutions for zero-emission and hybrid vehicles including battery thermal management systems and electronics cooling packages. The business also provides coatings for HVAC&R markets.

-Effective April 1, 2024, the Company moved its Coatings business from the Performance Technologies operating segment to the Climate Solutions segment under the Heat Transfer Products business. These results will be reported starting on the fiscal year ending March 2025.

Shareholders

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

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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, buses and specialty vehicles
-Welded tube radiators
-Parallel-flow radiators
-Welded tube charge-air coolers
-Parallel-flow condensers
-Parallel-flow oil coolers
-Parallel-flow fuel 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
-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, hybrid, fuel cell commercial 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
-Cabin climate systems
-Heat exchangers
-Variable speed scroll compressors
-Brushless pumps
-Brushless fans
-Multi-way valves
-Compact heaters
-Diagnostic and maintenance software

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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).