Modine Manufacturing Co. provides thermal management technology and engineered heating, cooling and ventilation solutions for mission-critical applications. News about MOD commonly covers operating and financial results, investor conference participation, product development, and capacity additions across its Climate Solutions, Data Centers and Performance Technologies businesses.
Company updates often center on Airedale by Modine data center cooling systems, including TurboChill chiller platforms, free-cooling architectures, and liquid-cooling support for high-density computing environments. Other recurring topics include global manufacturing expansion, energy- and water-efficiency applications, emissions-reduction technologies, governance matters, and changes affecting the company’s segment portfolio.
Modine (NYSE: MOD) completed the spin-off of its Performance Technologies business and its combination with Gentherm through a Reverse Morris Trust transaction. This structure separates a business before merging it with another company. The business was valued at approximately $946.4 million, based on Gentherm's September 30, 2026 closing share price. Modine received approximately $156 million from SpinCo and used it to repay debt.
Modine shareholders received 0.44619 Gentherm shares per Modine share held on September 28, 2026, representing approximately 43.62% of the combined company at closing. Gentherm acquired the Modine brand, domains and trademarks. Modine expects a shareholder meeting within the next three months to consider renaming it Modexus Solutions. Subject to approval, it intends to retain the Modine brand for certain businesses under license. The transaction is intended to be tax-free for U.S. federal income tax purposes, except for fractional-share cash.
Gentherm (NASDAQ: THRM) has completed its combination with Modine’s Performance Technologies business, which will operate as a Gentherm division. The transaction used a Reverse Morris Trust structure: Modine spun off the business into a subsidiary that then merged with a Gentherm subsidiary. Former Gentherm holders own approximately 56.38% of the combined company, and Modine shareholders own approximately 43.62%, excluding overlapping ownership.
Gentherm acquired the Modine brand, domains and trademarks and will go to market as Modine. Its board declared a $2.07-per-share special dividend, payable October 7, 2026, to Gentherm holders of record September 28, 2026. Bill Presley and Jon Douyard remain CEO and CFO; Katrin Schatz becomes interim president of the acquired division. Paul Mascarenas joined the board at closing, increasing it to 10 members.
Modine (MOD) is launching a hiring drive to fill up to 300 long-term manufacturing roles at its Franklin, Wisconsin data center cooling facility, with a walk-in fair on September 24.
The positions support growing demand for Airedale data center cooling systems produced at the 153,000-square-foot Franklin plant opened in September 2025. Openings span first and second shifts, with production assembler roles starting at $23 per hour plus a $1-per-hour second-shift premium. New employees receive health insurance and other benefits beginning on their first day, and on-the-job training is provided for most entry-level positions.
Gentherm (THRM) and Modine (MOD) detailed key terms, dates and financial adjustments for the planned Reverse Morris Trust combination of Gentherm with Modine’s Performance Technologies business, targeted for October 1, 2026.
Modine will spin off Platinum SpinCo, distributing one SpinCo share per Modine share to holders of record on September 28, 2026, with the SpinCo distribution expected on October 1, 2026 and each SpinCo share then converting into Gentherm shares at a final exchange ratio set at closing. To preserve tax treatment and economics, the exchange ratio is expected to increase, leading Gentherm to issue about 2,902,466 additional shares and SpinCo’s cash distribution to Modine being reduced to $159 million.
Gentherm’s board declared a conditional special cash dividend estimated at $58.35 million, or about $1.90 per share, payable October 7, 2026 to Gentherm shareholders of record on September 28, 2026, only if the merger closes. Based on current estimates, pre‑merger Gentherm shareholders would own about 56.4% of the combined company and former SpinCo holders about 43.6%, excluding overlapping ownership.
Modine (MOD) will host an Analyst and Investor Day in Chicago, Illinois, on November 18, 2026.
The executive leadership team, including President and CEO Neil D. Brinker and EVP & CFO Michael B. (Mick) Lucareli, will present an update on the company’s multi-year growth strategy and new financial targets following the planned spin-off of the Performance Technologies segment. A live webcast and archived replay will be available at the event’s investor relations website.
Modine (MOD) plans to change its corporate name to Modexus Solutions following completion of the spin‑off of its Performance Technologies business and merger with Gentherm, with the name change subject to approval by Modine shareholders.
After effectiveness, Modexus Solutions is expected to continue trading on the NYSE under the ticker "MOD". The new name is intended to highlight the company’s role as a diversified thermal management provider in high‑growth markets such as data center cooling, commercial HVAC and refrigeration. Gentherm shareholders overwhelmingly approved the transaction at a special meeting on September 10, 2026, and closing is currently expected on October 1, 2026, subject to customary conditions.
Post‑closing, Modexus Solutions will be led by CEO Neil D. Brinker, CFO Michael (Mick) Lucareli, and the current board. Modine expects to call a special shareholder meeting within three months after closing to vote on the name change.
Gentherm (THRM) shareholders approved the proposals needed to complete the planned combination of Modine’s Performance Technologies business with Gentherm.
At a Special Meeting held September 10, 2026, approximately 99% of votes cast by Gentherm common shareholders supported issuing Gentherm shares to Modine (MOD) shareholders, and about 94% of outstanding Gentherm shares entitled to vote backed an amendment to increase authorized common shares. Final voting results will be reported in a Form 8-K filing with the SEC.
The company said all required regulatory approvals have been obtained, including a Private Letter Ruling from the IRS on U.S. federal income tax matters related to the deal. The final exchange ratio, which remains subject to adjustment under the merger agreement to help preserve intended tax-free treatment and economic allocation between Modine and Gentherm shareholders, will be announced at closing. The transaction is currently expected to close on October 1, 2026, subject to remaining customary conditions.
Modine (NYSE: MOD) reported first quarter fiscal 2027 net sales of $874.1 million, up 28% year over year, driven mainly by 90% growth in Data Centers sales and 22% growth in Commercial HVAC. Net earnings rose 44% to $74.3 million, with diluted EPS up 44% to $1.37 and adjusted EPS up 44% to $1.53. Adjusted EBITDA increased 5% to $106.5 million.
Gross margin declined 340 basis points to 20.8% amid higher costs and supply chain-related inefficiencies across segments, particularly Data Centers. Operating income fell 1% to $74.8 million as SG&A rose to support growth and the pending spin-off of Performance Technologies. Net cash from operations was $41.4 million; free cash flow was a $5.0 million use due to higher Data Centers capacity investments. Net debt increased to $432.9 million. Modine reaffirmed its full-year fiscal 2027 outlook for net sales growth of +20% to 35% and adjusted EBITDA of $650–$680 million and confirmed plans to spin off and merge Performance Technologies with Gentherm in the fourth calendar quarter of 2026.
Modine (NYSE: MOD) has published its 2026 Sustainability Report, titled Purpose-Driven Engineering, highlighting environmental progress and strategic transformation. The company reports that in fiscal 2026 it reduced energy and water intensity versus a 2018 baseline and achieved its 2030 targets for both metrics years ahead of schedule. Modine also reports continued reductions in absolute Scope 1 and Scope 2 greenhouse gas emissions, the introduction of new solutions, and expanded use of AI across products and operations. The company obtained independent limited assurance on its GHG emissions data for the first time and plans to set new forward-looking sustainability targets aligned with its growing data center and commercial HVAC&R markets.
Modine (NYSE: MOD) announced it will host a conference call and webcast to discuss its first quarter fiscal 2027 financial results for the period ended June 30, 2026. The call is scheduled for Thursday, July 30, 2026, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time), with results planned for release after market close on Wednesday, July 29, 2026.
President and CEO Neil D. Brinker and EVP & CFO Michael B. (Mick) Lucareli are expected to review the results. Investors can access the live webcast and slides via the investor section of Modine’s website, with replays available online and via audio dial-in through August 6, 2026, and a transcript posted on or after August 3, 2026.