Modine, the thermal management supplier, said it had signed a definitive agreement to sell three businesses based in Germany to affiliates of Regent LP.
The businesses are located in Neuenkirchen, Pliezhausen and Wackersdorf and the sale is expected to be completed in the next few weeks pending regulatory approval.
“The sale of these businesses is in line with our strategy to focus our resources on high margin technologies with strong growth drivers,” said Neil Brinker, president and CEO of Modine.
“These businesses produce and service non-strategic parts for internal combustion diesel and petrol engines in Europe.”
The businesses manufacture exhaust gas recirculation coolers, radiators and charge air cooler modules for ICE applications in Europe.
In fiscal year 2023, combined revenue was US$80m-$90m.
