Modine Announces Sale of Coatings Aftermarket Application Facilities in California and Florida

Divestiture reflects strategy to grow coatings business through strategic licensing agreements.

RACINE, Wis., Aug. 29, 2023 /PRNewswire/ -- Modine (NYSE: MOD), a diversified global leader in innovative thermal management technology and solutions, today announced the sale of facilities in Temecula, California, and Tampa, Florida, to Protecall. The sale is expected to be completed by the end of September. The facilities provide aftermarket application services in which HVAC units are coated with anti-corrosion protection.

"This sale continues the process we started in 2021 with the closure of our Pompano Beach facility, and reflects our strategy to pursue the highest value opportunities," said Neil Brinker, President and Chief Executive Officer of Modine. "The divestiture of these Coatings facilities shows our commitment to focusing on proven technologies and services that can accelerate profitable growth, such as product licensing."

Modine will continue to own and license the spray-applied coatings used in aftermarket applications. Modine currently has more than 100 licensed applicators in the Americas region.

"Modine Coatings has had a long-term licensing partnership with Protecall and we are pleased to continue that relationship with the sale of these facilities," said Mike Powell, Vice President and General Manager of Modine Coatings. "We are looking forward to continuing our focus on expanding Modine's Certified Applicator Program, providing access for equipment and coil manufacturers to our network of coaters, and identifying new market segments for Modine's coatings technologies."

Information on Protecall's full service menu can be found at www.Protecall.com and they can be reached at 888-345-8378.

About Modine
At Modine, we are Engineering a Cleaner, Healthier World™. Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources. More than 11,000 employees are at work in every corner of the globe, delivering the solutions our customers need, where they need them. Our Climate Solutions and Performance Technologies segments support our purpose by improving air quality, reducing energy and water consumption, lowering harmful emissions and enabling cleaner running vehicles and environmentally-friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe and Asia. For more information about Modine, visit www.modine.com.

Investor Contact: Kathleen Powers; kathleen.t.powers@modine.com; (262) 636-1687
Media Contact: pr@modine.com

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SOURCE Modine