Modine Completes Spin-off and Merger of Performance Technologies

The deal, completed October 1, 2026, saw Modine shareholders receive 0.44619 shares of Gentherm common stock for each Modine share held. Following the merger, Modine shareholders retain roughly 43.62% ownership of the combined entity. As part of the financial restructuring, Modine received a $156 million cash distribution, which the company utilized to pay down outstanding debt.

While Gentherm has acquired the Modine brand and trademarks, the company plans to transition its remaining operations to a new identity, Modexus Solutions, subject to a shareholder vote expected within the next three months. To maintain continuity, Modine will operate under a license from Gentherm to use the brand name for its ongoing Heat Transfer Solutions and HVAC segments. Neil D. Brinker, President and CEO of Modine, described the transaction as a strategic milestone that enables the firm to apply its 80/20 discipline to high-growth thermal management sectors. Concurrently, Paul Mascarenas has joined the Gentherm Board of Directors to oversee the integration.