Modine Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, announced today it has
completed the acquisition of substantially all of the assets of
privately-held Geofinity Manufacturing of Surrey, British Columbia. This
acquisition will provide Modine with a full line of innovative
geothermal heat pumps in both water-to- water and water-to-air models.
The terms of the deal were not disclosed.
Since its founding, Geofinity has emerged as a technology leader of
residential and commercial geothermal heat pump systems. Their
geothermal expertise in the research and development of intricate
products and controls systems is evidenced by their 2012 AHR Innovation
Award in the Building Automation Category for the "ORB" Heat Pump
Geofinity extends Modine's current geothermal heat pump product range
beyond school-only applications to a wider market, one which has grown
at a rate of nearly 15% annually. With a focus on the residential
market, Geofinity offers Modine an excellent opportunity to expand
Modine's distributed-product offerings to an established customer base.
Geofinity products are used in a variety of residential, commercial and
industrial applications, including single-family homes, condominiums,
"The Modine brand is trusted by distributors, engineers, contractors and
end users within the commercial HVAC market," said Matt McBurney, Vice
President Commercial Products Group. "We are confident that the
Geofinity acquisition will enable us to continue our strong focus on
these same customers, with an added emphasis on the residential market.
We are positioned to take advantage of the increasing shift to
geothermal solutions, and continue demonstrating Modine's long-standing
commitment to improving HVAC efficiency," he added.
Geothermal applications, such as those offered by Geofinity, harness the
Earth's renewable thermal energy, stored just below the surface, for the
purpose of providing forced air heating and cooling, hot and chilled
water, and dehumidification. The system exchanges the natural heating
and cooling properties of the Earth between a building and the ground.
This transfer of energy is the source of enhanced performance and
provides a significant advantage for the environment. Only a small
amount of electricity is required to capture this energy, move it and
concentrate it into a large amount of "free energy."
"We are looking forward to leveraging Modine's strength and breadth of
products with Geofinity's to offer more solutions to our established
network of distributors and applied products experts, and grow our
business," McBurney concluded.
Modine, with fiscal 2012 revenues of $1.6 billion, specializes in
thermal management systems and components, bringing highly engineered
heating and cooling technology and solutions to diversified global
markets. Modine products are used in light, medium and heavy-duty
vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems, and fuel
cells. The company employs approximately 6,700 people at 29 facilities
worldwide in 15 countries. For more information about Modine, visit www.modine.com.
For more information about Modine's Commercial Products Group, visit www.modinehvac.com.
Modine Manufacturing Company
Kathleen T. Powers, 262/636-1687