Modine to buy Thermacore Intl for about $93.5 million

Company strengthen electronics-cooling, CO2 air-conditioning,and fuel cell thermal management technologies.

Published: 14-Dec-2000

RACINE, Wisc., Dec 14 (Reuters) - Automotive heating and cooling systems maker Modine Manufacturing Co. on Thursday said it will buy privately held Thermacore International for about $93.5 million in stock in an effort to expand into thethermal management technology market.

The deal includes about $16.5 million in Thermacore debt, Modine said.

The transaction still lacks regulatory and shareholder approvals, and is expected to close early next year. Also, Modine said it expects the deal will add to earnings in the next fiscal year, which ends March 31, 2002.

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