RACINE, Wis., June 11, 2018 /PRNewswire/ -- Modine
Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, has signed an
agreement to sell its South African business operation, AIAC Air
Conditioning South Africa (Pty) Ltd, to the current management
team, headed by Andrew Koeslag.
With its base in Johannesburg, South
Africa, AIAC Air Conditioning South Africa (Pty) Ltd focuses
on the manufacture of precision air conditioning systems. Over the
years, the business has served a range of customers across several
sectors, including banking and telecoms, predominantly in South
Africa. FY2017 sales for this business were just under
$3 million USD.
"As we continue to strategically shape the make-up of our
Building HVAC group, at Modine, we feel the local South African
market will be best served by a business with complete local
ownership," said Scott Miller, Vice
President – Building HVAC. Under the new ownership, the
business will have increased opportunities to develop a broader
product line to remain locally competitive while bidding for
government and parastatal projects.
Additionally, Miller commented, "We believe that the new
business has the opportunity to experience growth dynamics by way
of local, private ownership with the ability and clear path to
competitively shape itself for the requirements of the
market. Modine would like to thank all of the South African
employees and wishes them continued success in the future."
Andrew Koeslag, owner of the
newly formed AIACSA (Pty) Ltd added, "We are excited to continue
the manufacture of quality and efficient products here in
South Africa, supporting the
economy and providing local employment. The purchase will allow us
greater market accessibility; we cannot wait to deliver our
solutions and services to new and existing customers."
About Modine
Modine, with fiscal 2018 revenues of $2.1
billion, specializes in thermal management systems and
components, bringing highly engineered heating and cooling
components, original equipment products, and systems to diversified
global markets through its three complementary business units:
Vehicular Thermal Solutions (VTS); Commercial & Industrial
Solutions (CIS); and Building HVAC Systems (BHVAC). Modine is a
global company headquartered in Racine,
Wisconsin (USA), with operations in North America, South
America, Europe,
Asia, and Africa. For more information about Modine,
visit www.modine.com.
Contact:
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Brian J.
Agen
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(262)
636-1351
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b.j.agen@na.modine.com
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SOURCE Modine Manufacturing Company