MODINE MANUFACTURING CO

Modine Manufacturing Company announced a strategic transformation, including a planned spin-off and simultaneous combination of its Performance Technologies segment with Gentherm Incorporated in a Reverse Morris Trust transaction, expected to close by calendar end 2026. This will reposition Modine as a pure-play climate solutions company. For fiscal 2026, consolidated net sales increased 23% to $3.2 billion, with operating income rising $59 million to $342 million. The company also acquired three businesses, contributing $119 million in sales, and expanded its Data Centers business, which saw exceptionally strong growth.

Modine Manufacturing Company announced strong fourth quarter and record full fiscal year 2026 financial results, driven by significant growth in its Climate Solutions segment, particularly data center products. The company secured a landmark $4 billion long-term agreement for chiller sales with a major hyperscale customer for 2027-2029. Modine also advanced its strategic transformation by completing three acquisitions, launching a major capacity expansion, and announcing the pending spin-off of its Performance Technologies business. The outlook for fiscal 2027 projects continued strong growth in net sales and adjusted EBITDA.

Modine Manufacturing Company and Airedale International Air Conditioning Limited entered into Amendment No. 2 to their Sixth Amended and Restated Credit Agreement on April 30, 2026. This amendment modifies the Credit Agreement to permit the separation, disposition, and spin-off of Modine's Performance Technologies business and allows for the incurrence of related indebtedness by a newly formed subsidiary. The changes include new definitions, revised negative covenants to facilitate the transaction, and provisions for mandatory prepayment of existing loans with proceeds from the new indebtedness.