Modine sells 50% stake in Nikkei Heat Exchanger Company
14 August 2019
Modine Manufacturing Company (MOD), a diversified global leader in thermal management technology and solutions, announced recently that it signed an agreement to sell its 50% stake in its Nikkei Heat Exchanger Company, Ltd. joint venture to its partner in the joint venture, Japan-based Nippon Light Metal Company, Ltd., (NLM). The sale is expected to be completed within the next few weeks.
Nikkei Heat Exchanger Company, Ltd. manufactures and sells aluminum heat exchangers. The joint venture was established in 1987 to license heat exchanger products that created a new opportunity for Modine to enter the Japanese market.
This divestiture aligns with Modine's corporate strategy to Strengthen, Diversify & Grow (SDG) and further transform Modine into a leading diversified industrial company.