Modine Manufacturing to Sell Automotive Business to Dana Incorporated

Modine Manufacturing Company has entered into a Securities and Asset Purchase Agreement to sell the liquid-cooled and air-cooled electric vehicle portions of its automotive business to Dana Incorporated. The transaction is expected to close in the first half of calendar year 2021, subject to customary closing conditions.

“On November 2, 2020, Modine Manufacturing Company (the “Company”) entered into a Securities and Asset Purchase Agreement (the “Purchase Agreement”) by and among the Company and Dana Incorporated, a Delaware corporation (“Buyer”), pursuant to which the Company has agreed to sell the liquid-cooled portion and air-cooled electric vehicle portion of its automotive business (the “Business”) to Buyer.”

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