Modine acquires Napps Technology, terms not disclosed

Modine announced that it acquired Napps Technology. This acquisition is in line with Modine’s growth strategy to provide differentiated technologies and systems that help customers address real-world concerns, such as improving indoor air quality in schools. Modine currently serves the approximately $2 billion North American chiller market with large chillers targeting the data center market. The acquisition of Napps Technology allows Modine to enhance its offerings to the K-12 school market, while also enabling Modine to serve a broader range of customers and end markets seeking small tonnage chillers and chillers with heat pumps. Modine expects to generate between $6 million to $8 million in revenue this year from the acquisition and forecasts doubling that within two years. Modine also announced that it will continue to manufacture in Longview, Texas, and that Sam Neale, current president of Napps Technology, will join Modine.