Racine-based Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, has signed a definitive asset purchase agreement to acquire privately held Geofinity Manufacturing of Surrey, British Columbia.
The acquisition will provide Modine with a full line of innovative geothermal heat pumps in both water-to-water and water-to-air models. The deal is expected to close by mid-summer and is subject to customary closing conditions.
The financial terms of the deal were not disclosed.
Tom Marry, Modine’s executive vice president and chief operating officer, said the acquisition helps the company expand its offerings to the growing commercial HVAC business.
Geofinity products are used in a variety of residential, commercial and industrial applications, including single-family homes, condominiums, and schools.
Modine also reported fiscal fourth quarter net earnings of $16.4 million, or 34 cents per share, up from $12.0 million, or 25 cents per share, in the same period a year ago. The company’s net sales dipped to $388.7 million from $396.8 million.
“We finished the year with another solid quarter, including significant improvements in gross margin and earnings from operations,” said Modine president and chief executive officer Thomas Burke. “We delivered earnings per share of $0.83 for the full year, a substantial improvement over the prior year. There are exciting times ahead for Modine …While fiscal 2013 will be a transitional year, we have net new booked business of over $250 million at current market expectations, the bulk of which will benefit the company in fiscal 2014 and 2015. This new business, combined with market improvements and the benefit of our strategic business initiatives, gives me great confidence in Modine’s future.”
