Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced today it has entered into exclusive negotiations to acquire privately-held Barkell Limited, a manufacturer of custom built air handling units located in Consett (County Durham), United Kingdom. This acquisition, which Modine expects to facilitate through its Airedale UK subsidiary, will provide Modine with an expanded product offering into the air handling segment, further extending its overall business offering to the HVAC markets. The deal is expected to close during the first quarter of calendar 2014, and is subject to successful completion of due diligence and customary closing conditions. The terms of the anticipated deal were not disclosed.
Since its founding in 1981, Barkell has focused on the custom air handling market within the U.K. With a reputation for high quality products and services, Barkell has gained a leading market share within this segment in the UK.
“Acquiring Barkell helps us expand both our product line and our sales channel in the UK,” said Matt McBurney, Modine’s Vice President, Commercial Products Group. “In addition, this acquisition will help us build on Modine’s success in the growing data center air conditioning market by providing innovative solutions, including adiabatic cooling.”
Barry Phillips, Barkell’s co-founder and director, added, “I am incredibly proud of the business we have built at Barkell and am confident that Modine is the right partner to help us bring the Barkell business to the next level while at the same time maintaining the culture of excellence and customer service for which Barkell is known.”
“Everyone at Modine is excited about the opportunities Barkell and Airedale can bring to each other,” said Clive Parkman, Managing Director for Modine’s Airedale subsidiary. “We have been working together for a number of years and are pleased we are moving forward with this next step. With a focus on the air handling market, Barkell offers Airedale – and thus Modine – an excellent opportunity to expand both our product and service solutions to new and current customers.”
Modine, with fiscal 2013 revenues of $1.4 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 and refrigeration systems. The company employs approximately 6,600 people at 30 facilities worldwide in 16 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 Completes Acquisition of Barkell Limited (2014/2/28)|
|Christine Y. Yan to Join Modine Manufacturing Company Board of Directors (2014/4/16)|
|Mary Petrovich Resigns from Modine Manufacturing Company’s Board of Directors ()|
|Companies Pursue Cross Sector Growth as Digital Technologies Dissolve Traditional Industry Boundaries, Accenture Research Finds (2014/1/21)|
|Hammond Manufacturing Company Limited Announces Financial Results for the Third Quarter Ended September 27, 2013 ()|
|SHAREHOLDER ALERT: Brower Piven Announces the Investigation of AutoNavi Holdings Limited over the Proposed Sale of the Company to Alibaba Group Holding Limited (2014/4/11)|
|The Toro Company Completes Acquisition of Xiamen Xiangfeng Water Saving Equipment Co., Ltd. ()|
|Lowe’s Companies Completes Acquisition of 72 Orchard Supply Hardware Stores ()|
|Cemtrex to Acquire Electronics Manufacturing Company, the ROB Group (2013/10/17)|
|Whitmore, a Capital Southwest Corporation Portfolio Company, Announces Acquisition of Fluid Defense(R) Systems (2014/2/6)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.