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Modine closes acquisition of Geofinity in Canada.

MANews-(C)2009-2012

26 July 2012 - US thermal management system provider Modine Manufacturing Company (NYSE:MOD) on Thursday said it had finalised the acquisition of privately-held Geofinity Manufacturing, based in Surrey, British Columbia.

The buyer did not provided any financials on the deal, but said it would add a full range of geothermal heat pumps in water-to-water and water-to-air models. The acquisition will also diversify Modine's current product line and will give it access to a wider market and expanded customer base.

The products of Geothermal are used in residential, commercial and industrial applications. They help harness the Earth's renewable thermal energy, stored below the surface, in order to provide forced air heating and cooling, hot and chilled water and dehumidification.

Modine offers thermal management systems and components that are used in light, medium and heavy-duty vehicles, heating, ventilation and air conditioning equipment, as well as in off-highway and industrial equipment. Its revenue for the fiscal 2012 totals USD1.6bn (EUR1.3bn). Modine counts nearly 6,700 employees located at 29 sites in 15 countries.Country: CanadaSector: Machinery/EngineeringTarget: Geofinity ManufacturingBuyer: Modine Manufacturing CompanyType: Corporate acquisitionStatus: Closed

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Publication:M & A Navigator
Date:Jul 26, 2012
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