Luvata Completes Sale of Heat Transfer Solutions Division
Following a satisfactory completion process, Luvata is pleased to announce the sale of its Heat Transfer Solutions Division to Modine Manufacturing Company. The SPA for the sale was announced on 6th September 2016. Luvata was purchased in 2005 from Outokumpu Oyj under Private Equity by Nordic Capital.Representing a significant expansion for Modine, the US-based division will become Modine Commercial and Industrial Solutions. The Division has 18 plants across the globe, excellent operations, extensive customer and supplier relationships, and is a leading presence in many international heat-transfer markets.
Jyrki Vesaluoma, MD and CFO of Luvata Group comments: “We are proud to hand over the HTS Division to its new owners. The Division has possibly the world's most comprehensive proposition to the HVACR markets and represents a significant expansion for Modine. In its time under Luvata's leadership, HTS has gone from strength-to-strength becoming, among other things, the world's largest supplier of heat-exchanger coils, and the market-leading supplier of coils and coolers to the data-centre-cooling industry.”
Modine President and Chief Executive Officer, Thomas A. Burke adds: "The combination of Modine and Luvata HTS provides a complete product portfolio as well as agile manufacturing capabilities across the globe, all of which will allow superior response to customer needs."