Modine Manufacturing to Sell Liquid-Cooled Automotive Business to Dana

Modine Manufacturing Company entered into a definitive agreement to sell the liquid-cooled portion of its automotive business to Dana Incorporated. The companies are working to modify the perimeter of the European portion of the business and expect to resubmit a revised plan for German regulatory approval by the end of June 2021.

“As previously announced on November 2, 2020, Modine Manufacturing Company (the “Company”) entered into a definitive agreement with Dana Incorporated, a Delaware corporation (“Dana”), pursuant to which the Company agreed to sell the liquid-cooled portion of its automotive business to Dana, subject to regulatory approvals and other customary closing conditions. As a part of the ongoing regulatory approval process in Germany, Dana and the Company have mutually agreed to the voluntary withdrawal of the current regulatory filing for approval of the transaction. Dana and the Company are working together to modify the perimeter of the Company’s liquid-cooled portion of its automotive business in Europe and expect to resubmit the revised plan for regulatory approval by the end of June.”

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