US specialists in thermal management systems and components, Modine Manufacturing Company (NYSE:MOD), has entered into a definitive agreement to acquire the assets of Canadian Geofinity Manufacturing Inc.
No information was disclosed with regard to price. Modine said it expected to complete the transaction by the middle of the summer pending standard closing conditions.
Based in Surrey, British Columbia, Geofinity manufactures eco-friendly geothermal and water source heat pumps for residential, commercial and institutional use. Through its acquisition, Modine will be able to offer a complete selection of innovative geothermal heat pumps, both water-to-water and water-to-air models. Its current range of geothermal heat pumps will be extended beyond applications designed exclusively for school use, taking it into a broader market where the annual growth rate has reached almost 15%, Modine’s chief operating officer Tom Marry said.
Marry, who also serves as executive vice-president, stated that the deal would allow his company to offer a wider choice of products for the growing commercial HVAC market. At the same time, the acquisition will extend Modine’s focus on residential applications. The company’s commercial product division has been growing steadily and is expected to continue in the same vein and the addition of Geofinity will ensure the future success of the business, Marry added.
Modine, based in Racine, Wisconsin, operates 29 facilities across 15 countries and has a workforce of about 6,600. Its heating and cooling solutions can be found in vehicles, HVAC and industrial equipment, refrigeration systems and fuel cells. In 2011, the company generated revenues of $1.4bn (€1.1bn).