Modine Manufacturing Company (NYSE:MOD) announced that it is exploring strategic alternatives for its automotive business.
“Today’s announcement reinforces our strategic priority to continue to grow our global, market leading positions in Commercial HVAC, Refrigeration, Commercial Vehicle, and Off-Highway market segments, both organically and inorganically,” Burke added. “Building upon the momentum from our significant acquisition in 2016, which created our Commercial & Industrial Solutions (CIS) division, Modine has become and will continue to be a more diversified industrial, thermal management company with higher margins, improved cash generation and lower capital intensity.”
Modine’s Vehicular Thermal Solutions (VTS) portfolio currently serves three market