Modine Manufacturing to sell Modine Korea to KB Synthetics

Modine Manufacturing Company entered into a Share Purchase Agreement to sell 100% of the shares of its Korean-based vehicular HVAC business, Modine Korea LLC, to KB Synthetics Company Limited for approximately $14 million. The transaction is expected to close on December 23, 2009.

“On December 4, 2009, Modine Manufacturing Company (the "Company") entered into a Share Purchase Agreement (the “Share Purchase Agreement”) to sell 100% of the shares of Modine Korea LLC, the Company’s Korean-based vehicular HVAC business (“Modine Korea”), to KB Synthetics Company Limited (“KB Synthetics”) for approximately $14 million, subject to adjustment.”

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