Modine has completed the spin-off of its Performance Technologies business and its subsequent combination with Gentherm through a Reverse Morris Trust transaction. Following the separation, Modine is focusing its portfolio on data center cooling, commercial HVAC and refrigeration.
As part of the transaction, Gentherm acquired the Modine brand, domains and trademarks and will continue to go to market as Modine. Modine plans to hold a special shareholder meeting during the next three months on a proposed name change to Modexus Solutions. If approved, its common stock is expected to continue trading on the New York Stock Exchange under the ticker MOD.
Following shareholder approval of the name change, Modine intends to continue using the Modine brand under license from Gentherm for its Heat Transfer Solutions and HVAC Technologies businesses within the Commercial HVAC segment.
Modine shareholders received 0.44619 shares of Gentherm common stock for each Modine share held as of September 28, 2026. At closing, Modine shareholders owned approximately 43.62% of the outstanding shares of the combined company, while pre-transaction Gentherm shareholders owned approximately 56.38%, excluding overlapping ownership.
Modine received approximately $156 million from SpinCo, which it used to repay outstanding indebtedness. Based on Gentherm’s September 30, 2026 closing share price, the transaction valued the Performance Technologies business at approximately $946.4 million.
“Completing this transaction marks an important milestone in our evolution to a diversified thermal management company serving high-growth markets,” said Neil D. Brinker, President and Chief Executive Officer of Modine. “With a portfolio focused on data center cooling, commercial HVAC and refrigeration, we can devote our resources and 80/20 discipline to the markets where our thermal management expertise can make the greatest difference for customers and create long-term value for shareholders.”
