Modine Manufacturing Co. has announced that 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 geothermal heat pumps in both water-to-water and water-to-air models. The terms of the deal were not disclosed.
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. With a
focus on the residential market, Geofinity offers Modine an 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 and
“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 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 adds.
Modine Completes Geofinity Acquisition
July 30, 2012