Stuttgart – Modine Manufacturing Company, a global leader in thermal management technology and solutions based in Racine, Wisconsin, USA, and Gentherm, a global market leader in innovative thermal management and pneumatic comfort technologies announced that they have entered into a definitive agreement whereby Modine will spin off and simultaneously combine its Performance Technologies business with Gentherm in a Reverse Morris Trust (RMT) transaction. The transaction is valued at approximately USD 1 billion.
A CMS team led by Dr Carolin Armbruster and Dr Barbara Wössner, supported by counsel Birgit Schlemmer, is advising Modine in the transaction in all European and Chinese related issues. Partner Dr Oliver Simon and Principal Counsel Dr Michael Rein are advising on employment matters. Partner Dr Susann Brackmann and associate Susann Steinicke are advising on financing matters. Partners Dr Rolf Hempel and Dr Kai Neuhaus, Principal Counsel Martin Cholewa and associate Benedikt Sichla are advising on regulatory matters. The transaction team is supported by colleagues from CMS offices in China, Hungary, Italy, the Netherlands, Spain and Slovenia. Modine has relied on CMS' expertise in connection with its European activities for many years.
Modine is a leading provider of highly engineered, mission critical thermal management solutions — using both air cooled and liquid cooled technologies — across the vehicular and power generation end markets, serving blue chip OEM and Tier 1 customers through a global network of 5,000 employees in 10 countries. Following the transaction, Modine will retain its Climate Solutions businesses and become a pure play climate solutions company focussed on high growth data centre and commercial HVAC & refrigeration markets, operating with a streamlined model and sharpened focus on innovation and high return growth initiatives. The transaction ultimately provides shareholders ownership in two focused businesses with stronger growth trajectories, enhanced competitive positioning, and greater long term value creation potential.
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