Modine Manufacturing Co., leader in thermal management technology and solutions, announces it has signed a definitive asset purchase agreement to 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. The deal is expected to close by mid-summer, 2012, and is subject to customary closing conditions.
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 percent 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 says. "We have seen – and
expect more – growth from our Commercial Products Group, and this acquisition
will help us build further on this success."
With a focus on the residential market,
Geofinity offers Modine an opportunity to expand its distributed-product
offerings to an established customer base.
"The Modine brand is trusted by
distributors, engineers, contractors and end-users within the commercial HVAC
market," says Matt McBurney, vice president 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
Geofinity products are used in a variety
of residential, commercial and industrial applications, including single-family
homes, condominiums and schools.
"This acquisition presents the opportunity
to leverage Modine's strength and breadth of products with Geofinity's to offer
more to our established network of distributors and applied products experts,
and grow our business," adds McBurney.
Modine Manufacturing to Purchase Geofinity Manufacturing
June 28, 2012