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Market news, 05 September 2024
"The sale of our stake in this joint venture aligns with our announcement earlier this year to evaluate the strategic alternatives for our automotive business, and allows us to further focus on the development and growth of our other core business segments to drive shareholder returns," said Tom Burke, Modine President and Chief Executive Officer. "The joint venture has proved to be a very valuable and successful partnership, but the time has come to divest these assets.
This divestiture aligns with Modine's corporate strategy to Strengthen, Diversify & Grow (SDG) and further transform Modine into a leading diversified industrial company.