USA/JAPAN: Modine is to sell its 50% stake in its Nikkei Heat Exchanger joint venture company to its Japanese joint venture partner Nippon Light Metal Company.
Nikkei Heat Exchanger Company manufactures and sells aluminium heat exchangers. The joint venture was established in 1987 to license heat exchanger products, giving Modine access to the Japanese market.
“The sale of our stake in this joint venture aligns with our announcement earlier this year to evaluate the strategic alternatives for our automotive business, and allows us to further focus on the development and growth of our other core business segments to drive shareholder returns,” explained Modine president and CEO Tom Burke. “The joint venture has proved to be a very valuable and successful partnership, but the time has come to divest these assets.”