Modine Announces Completion of Spin-Off and Combination with Gentherm
RACINE, Wis., Oct. 1, 2026 – Modine (NYSE: MOD) has successfully completed the spin-off of its Performance Technologies business, which has merged with Gentherm (NASDAQ: THRM) through a Reverse Morris Trust transaction.
Highlights from CEO Neil D. Brinker:
- This milestone enhances Modine’s evolution into a diversified thermal management company targeting high-growth markets like data center cooling and commercial HVAC.
- Brinker expressed gratitude to the Performance Technologies team and congratulated Gentherm on the successful transaction.
Key Transaction Details:
- Modine shareholders received 0.44619 shares of Gentherm stock for each Modine share held as of September 28, 2026, along with cash for any fractional shares.
- Post-transaction, Modine shareholders own approximately 43.62% of the combined company, while Gentherm shareholders hold 56.38%.
- Modine has received a cash distribution of about $156 million from SpinCo to reduce debt.
- A special dividend of $2.07 per share for Gentherm shareholders will be distributed on October 7, 2026.
Modine is also looking to change its name to Modexus Solutions, with a special shareholders meeting planned within three months to discuss this amendment.
Forward Looking Statements:
Modine’s press release includes forward-looking statements regarding financial and operational expectations which are subject to various risks and uncertainties. Actual results may differ due to numerous factors including transaction-related costs, legal and regulatory changes, and shareholder votes.
About Modine:
With over 100 years of experience, Modine focuses on thermal management solutions aimed at improving air quality and reducing energy consumption. The company has a global presence with operations in multiple continents.
Contact Information:
- Investor Contact: Kathleen Powers, (262) 636-1687, [email protected]
- Media Contacts: Adam Pollack/Sharon Stern, Joele Frank, (212) 355-4449, [email protected]
For more information, visit Modine’s website.
