Modine Manufacturing Company entered into a definitive agreement to acquire L.B. White Company, LLC for an enterprise value approximately $110 million.

Modine Manufacturing Company (NYSE:MOD) entered into a definitive agreement to acquire L.B. White Company, LLC for an enterprise value approximately $110 million on May 29, 2025. Modine expects to fund the purchase price with a combination of cash on hand and from its existing credit facility. Management expects this acquisition to be immediately accretive to earnings and anticipates generating incremental growth and future cost savings through capturing synergies and deploying Modine's 80/20 operating model.

Upon close, L.B. White will be integrated into Modine?s HVAC Technologies product group and the current leadership team will remain in place. The transaction is subject to customary closing conditions. The transaction is expected to close on May 31, 2025.

Quarles & Brady LLP acted as legal advisor for L.B. White Company, LLC. Godfrey & Kahn, S.C. acted as legal advisor for Modine Manufacturing Company.