Racine-based Modine Manufacturing Co. will no longer sell the liquid-cooled portion of its automotive business to Ohio-based Dana Inc. after the two companies agreed to terminate the deal.
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.