Markets MOD

Modine Agrees To Acquire Scott Springfield

February 26, 2024 — 09:35 am EST

Written by RTTNews.com for RTTNews

(RTTNews) - Monday, Modine Manufacturing Co. (MOD) announced an agreement to acquire Scott Springfield Manufacturing, a manufacturer of air handling units.

This acquisition is expected to provide Modine with immediate access to a highly complementary product portfolio and a prestigious customer base in key end markets such as hyperscale and colocation data centers, telecommunications, healthcare, and aerospace.

Additionally, the acquisition will enable Modine to leverage Scott Springfield's sales representative network in the indoor air quality market, opening up cross-selling opportunities for Modine's chiller portfolio.

The total consideration of enterprise value for this transaction is approximately $190 million, with the deal expected to be finalized in the first quarter of 2024.

Financing for the acquisition will involve a combination of cash and debt, with consideration to be paid in Canadian dollars.

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