Modine signs definitive agreement to acquire AbsolutAire

Modine (MOD) announced that it had entered into a definitive agreement to acquire AbsolutAire, a manufacturer of direct-fired heating, ventilation, and make-up air systems. Modine expects the transaction to close April 1 subject to customary closing conditions. AbsolutAire is based in Michigan with 2024 revenue of approximately $25M. Their direct-fired heating, ventilation, and make-up air systems enable Modine to offer a more comprehensive suite of high-performance air quality solutions. The acquisition, which will be integrated into Modine’s Heating & Schools IAQ product group within the Climate Solutions segment, also gives Modine access to a broader customer base in commercial, industrial, food service, and warehousing applications.