World-leading HVACR business now owned by Modine Manufacturing Company
(Luvata: London, UK. 30th November 2016) Following a satisfactory completion process, Luvata is pleased to announce the sale of its Heat Transfer Solutions Division to Modine Manufacturing Company (NYSE:MOD). The SPA for the sale was announced on 6th September 2016. Luvata was purchased in 2005 from Outokumpu Oyj under Private Equity by Nordic Capital.
Representing a significant expansion for Modine, the US-based Division will become Modine Commercial and Industrial Solutions. The Division has 18 plants across the globe, excellent operations, extensive customer and supplier relationships, and is a leading presence in many international heat-transfer markets.
Jyrki Vesaluoma, MD and CFO of Luvata Group comments: "We are proud to hand over the HTS Division to its new owners. The Division has possibly the world's most comprehensive proposition to the HVACR markets and represents a significant expansion for Modine. In its time under Luvata's leadership, HTS has gone from strength-to-strength becoming, among other things, the world's largest supplier of heat-exchanger coils, and the market-leading supplier of coils and coolers to the data-centre-cooling industry."
Modine President and Chief Executive Officer, Thomas A. Burke adds: "The combination of Modine and Luvata HTS provides a complete product portfolio as well as agile manufacturing capabilities across the globe, all of which will allow superior response to customer needs."
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Luvata is a world leader in metal solutions manufacturing and related engineering services. Luvata's solutions are used in industries such as renewable energy, power generation, automotive, medicine, air-conditioning, industrial refrigeration, and consumer products. The company's continued success is attributed to its longevity, technological excellence and strategy of building partnerships beyond metals. Employing over 6,400 staff in 18 countries, Luvata works in partnership with customers such as SolarWorld, Siemens, Toyota, CERN and Carrier. Luvata is owned by Nordic Capital Funds V and VI.
Modine, with fiscal 2016 revenues of $1.4 billion, specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, heating, ventilation and air conditioning equipment, off-highway and industrial equipment and refrigeration systems. Modine is a global company headquartered in Racine, Wisconsin (USA), with operations in North America, South America, Europe, Asia and Africa. For more information about Modine, visit www.modine.com.