Modine Manufacturing announces sale of three automotive businesses in Germany

Modine announced today that it has signed a definitive agreement to sell three Modine businesses based in Germany to affiliates of Regent LP. The businesses are located in Neuenkirchen, Pliezhausen and Wackersdorf. The sale is expected to be completed in the next few weeks pending regulatory approval. “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.”