Modine Manufacturing Divests Automotive Segment

Modine Manufacturing is divesting its liquid-cooled and air-cooled electric vehicle automotive business to Dana Incorporated. The company expects to record a non-cash impairment charge of approximately $120 million to $130 million related to the business's long-lived assets.

“the Company expects to classify the Business as held for sale beginning in the third quarter of fiscal 2021. As a result, the Company expects to record a non-cash impairment charge of approximately $120 million to $130 million during the third quarter of fiscal 2021 related to the Business’s long-lived assets”

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