Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, today announced that it has completed the sale of its Austrian air-cooled automotive business to Schmid Metall GmbH, an affiliate of Rupert Fertinger GmbH.
“The exit of the automotive business is an important and necessary component of our transformation, and completing this transaction is a good first step to this process,” said Modine Chief Executive Officer, Neil D. Brinker. “This sale allows us to avoid the costs associated with continuing to run this business along with future liabilities and capital investments. This allows us to better align our resources around our best opportunities in our strongest and most attractive markets.”
This announcement represents one portion of the automotive segment and follows the earlier announced agreement to sell the liquid-cooled automotive business to Dana Incorporated. That transaction is pending regulatory approvals.