The deal, completed October 1, 2026, saw Modine shareholders receive 0.44619 shares of Gentherm common stock for each Modine share held. Following the merger, Modine shareholders retain roughly 43.62% ownership of the combined entity. As part of the financial restructuring, Modine received a $156 million cash distribution, which the company utilized to pay down outstanding debt.
Modine Completes Spin-off and Merger of Performance Technologies
Modine has finalized the spin-off of its Performance Technologies business, combining it with Gentherm in a Reverse Morris Trust transaction valued at approximately $946.4 million. The move allows the Racine-based company to sharpen its focus on data center cooling and commercial HVAC markets as it prepares for a corporate rebranding.
While Gentherm has acquired the Modine brand and trademarks, the company plans to transition its remaining operations to a new identity, Modexus Solutions, subject to a shareholder vote expected within the next three months. To maintain continuity, Modine will operate under a license from Gentherm to use the brand name for its ongoing Heat Transfer Solutions and HVAC segments. Neil D. Brinker, President and CEO of Modine, described the transaction as a strategic milestone that enables the firm to apply its 80/20 discipline to high-growth thermal management sectors. Concurrently, Paul Mascarenas has joined the Gentherm Board of Directors to oversee the integration.
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