Modine Terminates Sale of Automotive Business to Dana

Modine Manufacturing Company and Dana Incorporated mutually agreed to terminate the Securities and Asset Purchase Agreement for the sale of Modine's liquid-cooled and air-cooled electric vehicle portions of its automotive business. The termination was due to challenges in the German regulatory review process.

“On October 25, 2021, the Securities and Asset Purchase Agreement dated November 2, 2020 (the “Purchase Agreement”) by and between Modine Manufacturing Company (the “Company”) and Dana Incorporated, a Delaware Corporation (“Buyer”), pursuant to which the Company agreed to sell the liquid-cooled portion and air-cooled electric vehicle portion of its automotive business (the “Business”) to Buyer, was terminated by mutual agreement of the parties thereto.”

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