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TheStreet Open House

Modine Manufacturing Company Completes Acquisition Of Barkell Limited

Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced today that its U.K. subsidiary, Airedale International Air Conditioning Limited, has acquired the shares of privately-held Barkell Limited, a manufacturer of custom built air handling units located in Consett (County Durham), United Kingdom. This acquisition will provide Modine with an expanded product offering into the air handling segment, further extending its overall business offering to the HVAC markets. The terms of the deal were not disclosed.

Since its founding in 1981, Barkell has focused on the custom air handling market within the U.K. With a reputation for high quality products and services, Barkell has gained a leading market share within this segment in the U.K.

“Acquiring Barkell helps us expand both our product line and our sales channel in the U.K.,” said Matt McBurney, Modine’s Vice President, Commercial Products Group. “In addition, this acquisition will help us build on Modine’s success in the growing data center air conditioning market by providing innovative solutions, including adiabatic cooling.”

“Everyone at Modine is excited about the opportunities Barkell and Airedale can bring to each other,” said Clive Parkman, Managing Director for Modine’s Airedale subsidiary. “We have been working together for a number of years and are pleased we have moved forward with this next step. With a focus on the air handling market, Barkell offers Airedale – and thus Modine – an excellent opportunity to expand both our product and service solutions to new and current customers.”

About Modine

Modine, with fiscal 2013 revenues of $1.4 billion, specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, heating, ventilation and air conditioning equipment, off-highway and industrial equipment and refrigeration systems. 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.

About Airedale

Airedale is a world leader in the design and manufacture of innovative, high efficiency cooling solutions, manufacturing in three continents and exporting to customers in over fifty countries, across commercial, industrial and public sectors. Since 1974, Airedale’s core business has been precision air conditioning. Today its customers also benefit from Airedale’s extensive experience in chillers, IT Cooling, condensers, condensing units, comfort cooling and air conditioning controls software design and optimization. Airedale specializes in the design of super-efficient, integrated cooling solutions that provide real end user benefits in reducing power consumption and operational costs. Applications include data centers, clean rooms, retail, leisure and process cooling. For more information about Airedale, visit http://www.airedale.com/.



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