Modine Manufacturing Company a global player in designing and developing heating and cooling solutions for a group of markets announced today that it has reached a tentative agreement to acquire the remaining 50 percent of Radiadores Visconde it does not already own. Modine and the Radiadores Visconde shareholders intend to move expeditiously and in good faith towards the finalization and execution of a definitive agreement, and the closing of the transaction.
In commenting on the proposed acquisition, David B. Rayburn, President and Chief Executive Officer, said, “This move fits squarely into our stated geographic diversification goal of expanding our manufacturing footprint in lower-cost, emerging growth areas.
Radiadores Visconde, established in 1963 and based in So Paulo, Brazil, provides thermal management solutions to the automotive, truck, agricultural and construction equipment, and industrial application markets, as well as the automotive aftermarket for export and for distribution throughout Brazil.
The company generated approximately $80 million in revenues in its most recent fiscal year.
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