Mergers & Acquisitions ·
Modine completes spin-off of Performance Technologies into Gentherm in Reverse Morris Trust deal
MODModine Manufacturing Co
On October 1, 2026, Modine Manufacturing Company completed the spin-off of its Performance Technologies business and its combination with Gentherm Incorporated in a Reverse Morris Trust transaction. Modine received a cash distribution of $155,991,275 from SpinCo, which was used to prepay outstanding borrowings under its credit agreement. Shareholders of record on September 28, 2026, received 0.44619 shares of Gentherm common stock for each share of Modine common stock held, with cash in lieu of fractional shares. Following the transaction, former Modine shareholders own approximately 43.62% of the combined company, while existing Gentherm shareholders own approximately 56.38%. Jeremy M. Patten ceased serving as President of Performance Technologies, and Paul A. Mascarenas was appointed to the Gentherm board. The company intends to change its name to Modexus Solutions pending shareholder approval.