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Modine Completes the Sale of its Austrian Automotive Business

Modine Completes the Sale of its Austrian Automotive Business
Sale marks key step in the exit of the automotive business
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RACINE, Wis., May 3, 2021 /PRNewswire/ Modine Manufacturing Company (NYSE: MOD or the 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 ....

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Modine announces sale of Austrian automotive business

Modine has signed a definitive agreement with Schmid Metall, an affiliate of Rupert Fertinger, to sell a portion of the company s European air-cooled automotive business, including its manufacturing facility located in Kottingbrunn, Austria.
The transaction is expected to close in the first half of 2021, following receipt of regulatory approvals and other customary closing conditions.
The sale will allow the company to avoid significant liabilities and future cash investments in the business.
This is an important step in our strategic exit of the automotive segment businesses, allowing us to further fuel and grow our remaining business, said Modine CEO, Neil Brinker. ....

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