Microvast Holdings announces departure of chief financial officer
RACINE, Wis. - Modine (NYSE:MOD), a $5.16 billion market cap company with a "GREAT" financial health rating according to InvestingPro, announced Tuesday it has acquired Minnesota-based Climate by Design International (CDI), a manufacturer specializing in desiccant dehumidification technology and critical process air handlers.
The acquisition enhances Modine’s commercial indoor air quality (IAQ) solutions capabilities, particularly in environments requiring precise humidity control such as pharmaceutical manufacturing and healthcare facilities. The move comes as Modine demonstrates solid financial performance with $2.58 billion in revenue and 7.3% revenue growth over the last twelve months.
"Acquiring CDI advances our strategy to grow our Commercial IAQ business with fit-for-purpose solutions," said Neil D. Brinker, President and CEO of Modine.
The purchase gives Modine access to new markets including food processing, cold storage, battery manufacturing, and ice arenas. It also provides additional U.S. manufacturing capacity for air-handling systems.
This acquisition follows Modine’s previous purchases of Napps Technology in 2023 and Scott Springfield in 2024, further expanding its commercial IAQ product portfolio.
Eric McGinnis, President of Climate Solutions at Modine, noted that CDI’s desiccant-based technologies will enhance the company’s ability to deliver integrated systems to customers in healthcare, industrial, and food processing markets.
Management expects the acquisition to be accretive to earnings before synergies and to drive incremental growth through Modine’s 80/20 operating model. CDI will be integrated into Modine’s Commercial IAQ portfolio. With a strong current ratio of 1.78 and trading at a P/E ratio of 28.09, InvestingPro analysis suggests the stock is currently trading near its Fair Value. Investors can access 11 additional ProTips and a comprehensive Pro Research Report covering Modine’s financial outlook and growth potential through InvestingPro.
Oppenheimer & Co. Inc. served as exclusive financial advisor to Modine on the transaction, according to the company’s press release statement.
Modine, headquartered in Racine, Wisconsin, provides heating, cooling, and ventilation solutions through its Climate Solutions and Performance Technologies segments, employing more than 11,000 people worldwide. Analysts maintain a bullish outlook on the company, which has demonstrated consistent profitability and strong market performance over the past decade.
In other recent news, Modine Manufacturing reported impressive financial results for the fourth quarter of fiscal year 2025, exceeding analysts’ expectations. The company achieved an earnings per share of $1.12, surpassing the forecasted $0.96, and revenue of $647.2 million, which was higher than the anticipated $634.49 million. In addition to these strong earnings, Modine announced a definitive agreement to acquire L.B. White, a maker of specialized heating solutions, for approximately $112 million. This acquisition is expected to enhance Modine’s HVAC Technologies segment and contribute immediately to earnings. On the analyst front, Oppenheimer raised its price target for Modine to $122, maintaining an Outperform rating, while KeyBanc initiated coverage with an overweight rating and a $125 price target. DA Davidson also reiterated a Buy rating with a $135 target, citing Modine’s continued success in the data center market. These developments highlight Modine’s strategic focus on growth through acquisitions and its strong performance in high-growth sectors such as data centers.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.