Modine has agreed to divest three of its German-based businesses producing traditional internal combustion engine components to Regent LP to refocus on high-margin technologies.

Information on the Target

Modine has signed a definitive agreement to divest three of its businesses based in Germany to affiliates of Regent LP. These operations, located in Neuenkirchen, Pliezhausen, and Wackersdorf, specialize in manufacturing components related to internal combustion engines.

The targeted businesses primarily produce and service non-strategic components for diesel and gasoline engines within the European automotive market. In Fiscal Year 2023, these entities collectively generated revenues between $80-$90 million, underscoring their significance in Modine's portfolio prior to the sale.

Industry Overview in Germany

The automotive industry in Germany is a robust and pivotal sector, noted for its technological advancements and high-quality engineering. As one of the largest automotive markets in Europe, it encompasses a vast range of vehicle manufacturers,