Airedale's parent company Modine enters definitive agreement to acquire Luvata HTS
Date: 07th September 2016 | Posted by: Airedale Team | Posted in: Press release
Airedale Air Conditioning, Leeds, UK, September 7, 2016
It is our pleasure to inform you that our parent company, Modine Manufacturing Company has entered into a definitive agreement to acquire Luvata HTS, a leading manufacturer of commercial and industrial coils, coolers and related products, primarily for the HVAC&R markets. We invite you to view the press release issued announcing this exciting news via the Modine website.
The acquisition of Luvata HTS will complement Modine’s existing HVAC businesses and provide additional diversification outside of vehicular end markets. Luvata HTS’s focus on innovation in significant HVAC&R markets is closely aligned with Modine’s and will introduce many opportunities for growth. Modine and Luvata HTS’s shared dedication to product development and industry leading research, design and engineering capabilities, will allow us to strengthen our longstanding customer relationships. The acquisition of Luvata HTS, is further evidence of our commitment to our HVAC business and customers.
As you may be aware, Modine launched its Strengthen, Diversify and Grow transformational strategy in October 2015. This acquisition will deliver on the “Diversify” and “Grow” commitments and increase Modine’s non-vehicular business portfolio to approximately 40% of sales. The addition of Luvata HTS will make Modine a stronger, more diversified, thermal management company and a true global leader in the coils and coating markets.
Upon the formal close of the transaction, which we expect will take place this calendar year, we will communicate additional information, including updates on the execution of our integration plan and progress on key steps. Until then, rest assured that business will proceed as usual.
We are incredibly excited about this opportunity. We look forward to growing our relationship with you as we welcome Luvata HTS to the Modine team.
Managing Director, Airedale International Air Conditioning Ltd