Modine Completes Geofinity Acquisition
RACINE, Wis.--(BUSINESS WIRE)-- Modine Manufacturing Company (MOD), a diversified global leader in thermal management technology and solutions, announced today it has completed the acquisition of substantially all of the assets of privately-held Geofinity Manufacturing of Surrey, British Columbia. This acquisition will provide Modine with a full line of innovative geothermal heat pumps in both water-to- water and water-to-air models. The terms of the deal were not disclosed.
Since its founding, Geofinity has emerged as a technology leader of residential and commercial geothermal heat pump systems. Their geothermal expertise in the research and development of intricate products and controls systems is evidenced by their 2012 AHR Innovation Award in the Building Automation Category for the ORB Heat Pump Controller.
Geofinity extends Modines current geothermal heat pump product range beyond school-only applications to a wider market, one which has grown at a rate of nearly 15% annually. With a focus on the residential market, Geofinity offers Modine an excellent opportunity to expand Modines distributed-product offerings to an established customer base. Geofinity products are used in a variety of residential, commercial and industrial applications, including single-family homes, condominiums, and schools.
The Modine brand is trusted by distributors, engineers, contractors and end users within the commercial HVAC market, said Matt McBurney, Vice President Commercial Products Group. We are confident that the Geofinity acquisition will enable us to continue our strong focus on these same customers, with an added emphasis on the residential market. We are positioned to take advantage of the increasing shift to geothermal solutions, and continue demonstrating Modines long-standing commitment to improving HVAC efficiency, he added.
Geothermal applications, such as those offered by Geofinity, harness the Earths renewable thermal energy, stored just below the surface, for the purpose of providing forced air heating and cooling, hot and chilled water, and dehumidification. The system exchanges the natural heating and cooling properties of the Earth between a building and the ground. This transfer of energy is the source of enhanced performance and provides a significant advantage for the environment. Only a small amount of electricity is required to capture this energy, move it and concentrate it into a large amount of free energy.
"We are looking forward to leveraging Modines strength and breadth of products with Geofinitys to offer more solutions to our established network of distributors and applied products experts, and grow our business, McBurney concluded.
Modine, with fiscal 2012 revenues of $1.6 billion, specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, heating, ventilation and air conditioning equipment, off-highway and industrial equipment, refrigeration systems, and fuel cells. The company employs approximately 6,700 people at 29 facilities worldwide in 15 countries. For more information about Modine, visit www.modine.com. For more information about Modines Commercial Products Group, visit www.modinehvac.com.
Modine Manufacturing Company
Ray Schaffart, 262/636-1504
Kathleen T. Powers, 262/636-1687
Source: Modine Manufacturing CompanyCopyright Business Wire 2012