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.
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