Modine Manufacturing Company Announces Sale Of Automotive Business To Dana

(RTTNews) - Modine Manufacturing Company (MOD) has signed a definitive agreement with Dana Incorporated to sell the liquid-cooled portion of its automotive business. The transaction is expected to close in the first half of 2021.

Modine Interim CEO, Michael Lucareli, said: "This transaction accelerates Modine's transformation to become a diversified industrial company with higher operating margins, lower capital intensity and greater free cash flow generation. The enhanced operating profile resulting from this transaction is a critical component of our strategic objectives and will allow us to provide additional capital and resources to accelerate the growth of our commercial HVAC and data center businesses."