Modine Manufacturing to expand presence in heat pump market
Racine, Wis.-based Modine Manufacturing Company will acquire 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,” company officials said in a press release. The deal is expected to close by mid-summer, 2012.
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, according to Tom Marry, Modine executive vice president and chief operating officer.
“Acquiring Geofinity helps us expand our offerings to the growing commercial HVAC business while extending our focus on the residential market,” Marry said. “We have seen – and expect more – growth from our Commercial Products Group and this acquisition will help us build further on this success.”
“The Modine brand is trusted by distributors, engineers, contractors and end users within the commercial HVAC market,” said Matt McBurney, vice president of the commercial products group. “We see Geofinity as an extension of our well-established ideals to these same customers, with an added emphasis on the residential market. As such, we will be well positioned to take advantage of the increasing shift to geothermal solutions.”
Modine, with fiscal 2011 revenues of $1.4 billion, specializes in thermal management systems and components, bringing heating and cooling technology and solutions to diversified global markets.