Modine sells South African business
USA: Modine is to sell its South African business operation, AIAC Air Conditioning South Africa (Pty) Ltd, to the current management team.
AIAC was formed in 1982 by UK company Airedale Air Conditioning to manufacture precision air conditioning systems. Airedale, along with its subsidiary, was acquired by Modine in 2005.
Over the years, AIAC has served a range of customers across several sectors, including banking and telecoms, predominantly in South Africa. FY2017 sales for this business were just under US$3m.
“As we continue to strategically shape the make-up of our Building HVAC group, at Modine, we feel the local South African market will be best served by a business with complete local ownership,” said Scott Miller, vice president – Building HVAC.
Andrew Koeslag, owner of the newly formed AIACSA (Pty) Ltd added, “We are excited to continue the manufacture of quality and efficient products here in South Africa, supporting the economy and providing local employment. The purchase will allow us greater market accessibility.”