Gentherm

Modine Completes Gentherm Spin-Off, Nets $156M Cash Distribution

Modine Completes Gentherm Spin-Off, Nets $156M Cash Distribution

Racine, Wis. – October 02, 2026 -- Modine (NYSE: MOD) has completed the spin-off of its Performance Technologies business and its combination with Gentherm (NASDAQ: THRM) through a Reverse Morris Trust transaction, closing a deal that valued the unit at approximately $946.4 million.

Modine receives $156 million cash distribution to cut debt

Modine received a cash distribution of approximately $156 million from Platinum SpinCo Inc., the entity that held the Performance Technologies business, with the proceeds used to repay outstanding indebtedness. The valuation of $946.4 million was calculated based on Gentherm's closing stock price on October 02, 2026.

Modine to Rebrand as Modexus Solutions After Gentherm Merger

Modine to Rebrand as Modexus Solutions After Gentherm Merger

Racine – September 17, 2026 -- Modine Manufacturing Company (NYSE: MOD) will rename itself Modexus Solutions once it completes the spinoff of its Performance Technologies business and merges the remaining operations with Gentherm, the company confirmed. The rebrand requires shareholder approval and the new entity will keep trading under the existing ticker, MOD.

Gentherm shareholders approve transaction at September 10 meeting

Gentherm shareholders overwhelmingly approved the deal at a special meeting held on September 17, 2026. The transaction is expected to close September 17, 2026, pending customary closing conditions.