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Modine Manufacturing Company is a global leader in thermal management solutions, operating across four continents and serving diverse markets such as commercial, industrial, building HVAC&R, and vehicular applications. The company designs and manufactures innovative products aimed at improving indoor air quality, conserving natural resources, and lowering harmful emissions. Modine's offerings include advanced heat transfer systems, HVAC&R solutions, and cooling technologies tailored to meet environmental and energy standards.
- Air-Cooled Technology - Develops thermal management systems for various applications, focusing on efficient air-based cooling solutions.
- Liquid-Cooled Technology - Provides advanced cooling systems using liquid-based methods for enhanced thermal performance.
- Heat Transfer Products - Offers engineered solutions for effective heat transfer across industrial and vehicular markets.
- HVAC&R Products - Manufactures heating, ventilation, air conditioning, and refrigeration systems to improve indoor air quality and energy efficiency.
- Data Center Cooling - Designs cutting-edge cooling systems specifically for data centers, ensuring optimal performance and energy conservation.
- Advanced Solutions - Innovates technologies to meet stringent environmental and energy standards, supporting cleaner and more sustainable operations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian J. Agen Executive | Vice President, Chief Human Resources Officer | None | Brian J. Agen has been with MOD since October 2012, initially as VP, Human Resources, and later as VP, Chief Human Resources Officer in May 2021. He is involved in organizational transformation and talent management. | |
Eric S. McGinnis Executive | President of Climate Solutions | None | Eric S. McGinnis has been President of Climate Solutions since April 2022, previously VP of Building HVAC. He joined Modine in August 2021 and was President of Industrial Systems at Regal Beloit. | |
Michael B. Lucareli Executive | Executive Vice President, Chief Financial Officer | None | Michael B. Lucareli has been with Modine since July 2010, initially as VP, Finance and CFO, transitioning to EVP, CFO in May 2021. He plays a key role in financial management. | |
Neil D. Brinker Executive | President and Chief Executive Officer | None | Neil D. Brinker joined Modine as President and CEO in December 2020. He oversees global operations and strategic planning. Previously held leadership roles at Advanced Energy Industries, IDEX, Danaher, and GM. | |
Katherine C. Harper Board | Director | Sasol Limited (Board Member), Venator Materials, PLC (Chairperson) | Katherine C. Harper has been a Director at Modine since 2022, serving as Chair of the Audit Committee. She has extensive financial expertise and corporate governance experience. | |
Mark Bendza Board | Director | Telos Corporation (CFO), Latino Corporate Directors Association (Executive Member) | Mark Bendza joined Modine's Board of Directors on October 1, 2024, and is a member of the Audit Committee. He is also the CFO at Telos Corporation and has a background in finance and investment banking. |
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Despite strong performance in Climate Solutions, the Performance Technologies segment has faced significant declines due to lower sales across automotive, commercial vehicle, and off-highway markets; what specific measures are you implementing to address these challenges, and how do you plan to mitigate the ongoing market softness?
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With massive data center projects being discussed in India and your plans to expand manufacturing capacity there, how are you positioning Modine to capture these opportunities, and what challenges do you anticipate in ramping up capabilities quickly in this region?
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The proposed tariffs on U.S. imports from Canada, Mexico, and China could introduce significant financial risks and complexity; how are you planning to mitigate the impact of these tariffs on your operations and margins, and what strategies are in place to address potential supply chain disruptions?
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Given recent concerns about a potential slowdown in data center construction due to improved AI modeling efficiency, how confident are you in achieving your data center revenue targets, and what feedback are you receiving from your hyperscaler and colocation customers regarding their future plans?
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In the competitive market for coolant distribution units (CDUs), where you are receiving multiple requests for quotes and developing bespoke solutions, how do you plan to differentiate your offerings from competitors, and when do you expect to start generating revenue from this product line?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Scott Springfield Manufacturing | 2024 | The acquisition was completed on March 1, 2024, for a total of $184.1 million (with an additional $2.4 million adjustment), funded via a revolving credit facility and cash on hand. It strategically expands Modine's product portfolio into high-growth data center and indoor air quality markets by acquiring advanced AHU manufacturing capabilities in Calgary, Canada, along with complementary assets and sales synergies. |
Napps Technology Corporation | 2023 | The deal was completed on July 1, 2023, for a total consideration of $5.8 million, with a portion deferred to a later payment period. This acquisition broadens Modine's indoor air quality product portfolio with Texas-based manufacturing of chillers, condensing units, and heat pumps for the K-12 market, and includes strategic purchase price allocations that integrate it into Modine’s Climate Solutions segment. |
Recent press releases and 8-K filings for MOD.
Modine to Acquire AbsolutAire to Expand HVAC Solutions
- Modine has entered into a definitive agreement to acquire AbsolutAire, a manufacturer of direct-fired heating, ventilation, and make-up air systems, which will bolster its existing Heating and Indoor Air Quality businesses.
- The acquisition, expected to close on April 1, 2025, is part of Modine’s strategic plans to broaden its product portfolio and capture opportunities in markets with strong tailwinds.
- AbsolutAire, based in Michigan, reported approximately $25 million in revenue for 2024, providing Modine with access to a wider customer base in commercial, industrial, food service, and warehousing sectors.