Modine has entered into a definitive agreement to acquire AbsolutAire, a manufacturer of direct-fired heating, ventilation, and make-up air systems.
Modine expects the transaction to close 1 April, 2025, subject to customary closing conditions.
Modine president & CEO, Neil Brinker, said the acquisition is in line with the company’s strategy to expand its technology portfolio with differentiated solutions to capture opportunities in markets with strong tailwinds.
"Through this acquisition, we gain another top-tier HVAC offering to serve customers demanding fit-for-purpose and sustainable air management systems,” he said.
AbsolutAire is based in Michigan (US) with 2024 revenue of approximately $US25 million. Their direct-fired heating, ventilation, and make-up air systems enable Modine to offer a more comprehensive suite of high-performance air quality solutions.
The acquisition, which will be integrated into Modine's Heating & Schools IAQ product group within the Climate Solutions segment, also gives Modine access to a broader customer base.