Modine Manufacturing Company

What Modine Manufacturing Company does

Modine Manufacturing Company is a 109-year-old thermal management technology company (NYSE: MOD) headquartered in Racine, Wisconsin, currently transitioning from a diversified industrial portfolio into a focused pure-play climate solutions provider via the spin-off of its Performance Technologies segment to Gentherm (closing expected Q4 2026). The company designs, engineers, and manufactures heating, cooling, and ventilation systems across a family of brands including Airedale (data center and commercial HVAC), Jetson (chillers), Scott Springfield (custom air handling for healthcare and pharma), CDI (desiccant dehumidification), L.B. White (heating), AbsolutAire (make-up air), and Modine EVantage (e-mobility thermal management). Core technology spans air-cooled and liquid-cooled chillers (including the TurboChill 3+MW hybrid platform), Coolant Distribution Units, and intelligent control platforms (CoolingAI, ACIS) that apply predictive maintenance and anomaly detection to installed cooling infrastructure.

Modine generates revenue predominantly through B2B hardware sales of thermal management equipment to enterprise customers, with primary end markets being hyperscale, colocation, and edge data centers (the dominant growth driver), commercial indoor air quality for healthcare/pharmaceutical/educational facilities, industrial process cooling, refrigeration, performance coatings, agriculture/construction/mining equipment, and commercial vehicle/e-mobility thermal management (the last two moving to the spun-off Gentherm entity). The go-to-market model is enterprise field sales combined with regional manufacturing presence in the US, UK, and India, supported by dedicated brand websites, industry conference participation, and active investor relations. Full-year FY2026 net sales were $3.2 billion (up 23% YoY), with Q4 FY2026 data center revenue exceeding $400 million (up 158% YoY) and a $4 billion long-term capacity agreement through 2029 with a strategic hyperscaler providing multi-year revenue visibility. Forward FY2027 guidance calls for 20-35% net sales growth and adjusted EBITDA of $650-680 million.

Name

Modine Manufacturing Company

Legal name

Modine Manufacturing Company

Website

https://modine.com

Company type

Public

Founded year

1916

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Modine Manufacturing Company is a global thermal management technology provider designing and manufacturing heating, cooling, and ventilation systems (including chillers, air handling, and intelligent controls) for hyperscale data centers, commercial HVAC, industrial process cooling, and healthcare customers, currently transforming into a pure-play climate solutions company.

Ownership category

akta.pro rank

Product category

Thermal Management Solutions

NAICS

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

Chillers & Cooling Plant Equipment (IMAHAKAE)

akta.pro secondary industries

Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), Compressors, Refrigeration Components & Condensing Units (IMADANAG), Passenger Vehicle Thermal, Cooling & HVAC Manufacturing (ICE) (IMACAAAL)

Keywords

• Thermal management solutions
• Data center cooling
• Commercial HVAC systems
• Industrial process cooling
• Electric vehicle thermal

Headquarters

HQ city

Racine

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Climate Solutions: Primary revenue driver comprising data center cooling products (Airedale brand), commercial HVAC, and indoor air quality solutions. The segment reported $954.4 million in Q4 FY2026 revenue with 47% year-over-year growth, driven by surging data center demand. Full-year Climate Solutions revenue exceeded $1.1 billion with 73% growth. Data center revenues alone surpassed $400 million in Q4 FY2026 with 158% year-over-year growth.
2. Performance Technologies (pending spin-off): Currently being separated via Reverse Morris Trust transaction with Gentherm, expected to close Q4 2026. This segment served lower-growth automotive and transportation markets with approximately $1 billion in revenue. Upon closing, Modine shareholders will retain approximately 40% ownership of the combined entity.
3. Thermal Management Products: Heating, cooling, and ventilation solutions sold to diverse industries including agriculture, construction, mining, commercial vehicles, stationary power generation, and industrial process cooling. Products include unit heaters, HVAC coils, refrigeration cooling, performance coatings, and testing services.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Modine Manufacturing Company designs, engineers, manufactures, and sells thermal management solutions for heating, cooling, and ventilation applications. Its core offerings include data center cooling systems (air-cooled and liquid-cooled chillers, CDUs, intelligent controls), commercial HVAC systems, industrial process cooling, e-mobility thermal management, agricultural/construction/mining equipment cooling, refrigeration cooling, HVAC/R coils, performance coatings, and heating solutions. Products are sold under multiple brands including Airedale, Jetson, Scott Springfield, CDI, L.B. White, AbsolutAire, Modine HVAC, Modine Coils, Modine Coolers, Modine Coatings, and Modine EVantage.

Product overview

Modine Manufacturing Company is a diversified global leader in thermal management technology offering a comprehensive portfolio of heating, cooling, and ventilation solutions across multiple sub-brands. The product ecosystem includes Airedale by Modine (commercial HVAC and data center cooling), Jetson by Modine (industrial chillers), Scott Springfield by Modine (custom air handling), CDI by Modine (desiccant dehumidification), Modine EVantage (e-mobility thermal management), and Modine HVAC (residential/commercial heating), along with supporting brands including AbsolutAire, L.B. White, Modine Coils, Modine Coolers, and Modine Coatings. Key products include the TurboChill 3+MW hybrid chiller for AI data centers, CoolingAI control system with predictive maintenance capabilities, and the ACIS intelligent control platform. The portfolio serves diverse markets including agriculture, construction, mining, commercial vehicles, e-mobility, data centers, HVAC/R, industrial process cooling, refrigeration, stationary power generation, and indoor air quality applications.

Differentiator

Problem solved

Functional benefit

Products and services

• Airedale by Modine Thermal Management Solutions Advanced commercial and industrial thermal management solutions brand serving healthcare, pharmaceutical, nuclear, telecoms, and data center markets with air handling units, chillers, heat pump chillers, and intelligent software controls.
• Jetson by Modine Chillers Modular water- and air-cooled chillers, condensing units, and heat pumps for commercial and industrial applications.
• Scott Springfield by Modine Air Handling Units Custom-built air handling solutions for complex commercial, institutional, healthcare and pharmaceutical environments, optimizing indoor air quality, energy efficiency, and environmental sustainability.
• CDI by Modine Desiccant Dehumidification Advanced desiccant technology for mission-critical environments requiring uninterrupted high-precision moisture control, serving lithium battery manufacturing, hospital surgical suites, and food processing facilities.
• Modine EVantage E-Mobility Thermal Management Advanced thermal management solutions for electric, hybrid, and hydrogen fuel cell commercial, industrial, and specialty vehicles, including precision battery cooling and powertrain systems.
• TurboChill 3+MW Hybrid Air-Cooled Chiller Hybrid air-cooled chiller platform designed for next-generation GPU-powered AI data centers combining free cooling and mechanical cooling capabilities for high-density workloads.
• EdgeDX and EdgeAire Cooling Solutions Cooling solutions specifically designed for North American edge data facilities.
• CoolingAI Control System Intelligent control system bringing unprecedented efficiency gains to high-density data centers through advanced predictive maintenance and optimization capabilities, monitoring temperature, pressure, flow, and vibration telemetry.
• ACIS Intelligent Controls Platform Advanced control platform that transforms raw telemetry into decision-ready data, supporting real-time adjustments to flow, valves, dampers, and escalation protocols for proactive thermal management.
• Modine HVAC Heating Solutions Heating solutions providing reliable, energy-efficient performance for residential, commercial, and industrial spaces including unit heaters and high-efficiency condensing systems.
• AbsolutAire by Modine Make-Up Air Systems Direct and indirect-fired make-up air, heating, and ventilation systems serving paint spray, light and heavy industrial, warehousing, kitchen, food service, and wastewater treatment markets.
• L.B. White by Modine Heating and Cooling Heating and cooling solutions for specialized markets including direct and indirect-fired forced air heaters, radiant heaters, convection heaters, electric heaters, and evaporative cooling systems.
• Modine Coils HVAC/R Heat Transfer Coils High-performance HVAC/R coils for commercial and industrial applications designed to maximize thermal efficiency and provide reliable operation.
• Modine Coolers Industrial Process Cooling Industrial process cooling solutions for manufacturing, energy production, energy transmission, and chemical processing applications.
• Modine Coatings Performance Coatings Performance coatings providing advanced protection and durability for residential and commercial HVAC systems and equipment, resisting corrosion and extending component lifespan.
• AireWall ONE Fan Wall Fan wall product manufactured locally at the Chennai, India facility with 70% locally procured components, serving APAC data center cooling customers.
• DSU Destratification Fan Destratification fan bringing airflow solutions to commercial and industrial spaces.
• Coolant Distribution Units (CDUs) Advanced liquid cooling distribution technology for next-generation data center cooling applications.

Quantifiable outcome

• Q4 FY2026 revenue of $954.4 million, up 47% year-over-year
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature6 records

Partnerships

One partnership is on record.

• Gentherm IncorporatedcoreStrategic or Co-development Partner · 29 January 2026Reverse Morris Trust transaction to combine Modine's Performance Technologies business with Gentherm, valued at approximately $1 billion. Transaction expected to close Q4 2026. Modine shareholders will retain approximately 40% ownership of the combined entity, receiving $210 million cash. Combined entity will have approximately $2.6 billion in revenue and $322 million in EBITDA. Expected to generate approximately $25 million in annualized synergies and be accretive to adjusted EPS by year two.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Vertiv Holdings: Vertiv is the most directly comparable peer — a public specialist in thermal management, power, and IT systems for data centers, including liquid cooling solutions for AI workloads. Modine's Airedale and TurboChill products compete head-to-head with Vertiv's chillers and coolant distribution units for hyperscale customers.
• Trane Technologies: Trane is a global HVAC and commercial cooling peer that competes in commercial chillers, air handling, and data center cooling (especially in retrofit and edge environments). Modine and Trane overlap directly in commercial/industrial HVAC and increasingly in data center applications.
• Carrier Global Corporation: Carrier is a direct peer in HVAC, refrigeration, and increasingly data center cooling (Carrier's Carrier Enterprise and recently launched AI-focused cooling offerings). They overlap with Modine's Airedale, Jetson, and commercial HVAC product lines.
• Lennox International: Lennox competes with Modine's commercial HVAC and refrigeration cooling products, particularly in light commercial and refrigeration applications. Both target similar end markets including data centers and commercial buildings.
• Munters Group: Munters is a specialist in air treatment and data center cooling, with a strong position in evaporative cooling and liquid cooling for data centers — directly comparable to Modine's Airedale and AireWall products serving hyperscalers and colocation operators.
• SPX Technologies: SPX Technologies competes with Modine in HVAC, heat transfer, and specialty cooling including data center cooling solutions through its various business units. Both serve commercial and industrial thermal management markets.

Broad incumbents

• Johnson Controls International: Johnson Controls is a broad incumbent in building HVAC, controls, and data center cooling solutions. While not specialized purely in data center cooling like Modine's Airedale line, it competes in commercial HVAC, building automation, and increasingly in hyperscale cooling through OpenBlue.
• Daikin Industries: Daikin is a global HVAC incumbent with a growing presence in commercial and data center cooling, including chiller products. While much larger and broader, it competes with Modine in commercial chillers and HVAC for AI/edge data facilities.
• Roper Technologies: Roper has expanded into data center cooling and fluid management through several recent acquisitions. While a diversified industrial conglomerate rather than a thermal specialist, it competes with Modine in liquid cooling and cooling solutions for data centers.

Emerging players

• Gentherm Incorporated: Gentherm is in the process of merging with Modine's Performance Technologies segment via Reverse Morris Trust. They compete directly with Modine's EVantage electric vehicle thermal management and automotive climate control products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ModineHVAC
• Facebookfacebook.com/488979491141913
• LinkedInlinkedin.com/company/modine-manufacturing-company

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Modine Manufacturing Company