Divestiture reflects strategy to grow
coatings business through strategic licensing
agreements.
RACINE,
Wis., Aug. 29, 2023 /PRNewswire/ --
Modine (NYSE: MOD), a diversified global leader in innovative
thermal management technology and solutions, today announced the
sale of facilities in Temecula,
California, and Tampa,
Florida, to Protecall. The sale is expected to be completed
by the end of September. The facilities provide aftermarket
application services in which HVAC units are coated with
anti-corrosion protection.
"This sale continues the process we started in 2021 with the
closure of our Pompano Beach
facility, and reflects our strategy to pursue the highest value
opportunities," said Neil Brinker,
President and Chief Executive Officer of Modine. "The divestiture
of these Coatings facilities shows our commitment to
focusing on proven technologies and services that can
accelerate profitable growth, such as product licensing."
Modine will continue to own and license the spray-applied
coatings used in aftermarket applications. Modine currently has
more than 100 licensed applicators in the Americas region.
"Modine Coatings has had a long-term licensing partnership with
Protecall and we are pleased to continue that relationship with the
sale of these facilities," said Mike
Powell, Vice President and General Manager of Modine
Coatings. "We are looking forward to continuing our focus on
expanding Modine's Certified Applicator Program, providing access
for equipment and coil manufacturers to our network of coaters, and
identifying new market segments for Modine's coatings
technologies."
Information on Protecall's full service menu can be found at
www.Protecall.com and they can be reached at 888-345-8378.
About Modine
At Modine, we are Engineering a Cleaner,
Healthier World™. Building on more than 100 years of excellence in
thermal management, we provide trusted systems and solutions that
improve air quality and conserve natural resources. More than
11,000 employees are at work in every corner of the globe,
delivering the solutions our customers need, where they need them.
Our Climate Solutions and Performance Technologies segments support
our purpose by improving air quality, reducing energy and water
consumption, lowering harmful emissions and enabling cleaner
running vehicles and environmentally-friendly refrigerants. Modine
is a global company headquartered in Racine, Wisconsin (U.S.), with operations in
North America, South America, Europe and Asia. For more information about Modine, visit
www.modine.com.
Investor Contact: Kathleen
Powers; kathleen.t.powers@modine.com; (262) 636-1687
Media Contact: pr@modine.com
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SOURCE Modine