Racine, Wis. – October 01, 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 September 30, 2026.
Shareholders split ownership of combined Gentherm entity
Under the exchange terms, Modine shareholders of record as of September 28, 2026 received 0.44619 shares of Gentherm common stock for each Modine share held, with cash paid in lieu of fractional shares. Following the closing, former Modine shareholders own approximately 43.62% of the combined Gentherm company, while prior Gentherm shareholders hold approximately 56.38%. Modine shareholders retain their existing Modine common stock in addition to the new Gentherm shares.
Gentherm board declares $2.07 special dividend
The Gentherm Board of Directors declared a special dividend of $2.07 per share, payable October 7, 2026 to shareholders of record as of September 28, 2026, following an adjustment to the exchange ratio under the merger agreement. Paul Mascarenas has been appointed to the Gentherm Board of Directors effective upon closing.
Modine plans name change to Modexus Solutions within three months
Modine said it expects to call a special shareholder meeting within the next three months to vote on amending its articles of incorporation to rename the company Modexus Solutions. If approved, the stock would continue trading on the NYSE under the ticker "MOD." As part of the transaction, Gentherm acquired the Modine brand, domains and trademarks, and will go to market as Modine going forward. Modexus Solutions would retain rights to use the Modine brand for its Heat Transfer Solutions and HVAC Technologies businesses within its Commercial HVAC segment under a license with Gentherm, preserving customer continuity through existing Modine-branded channels.
"Completing this transaction marks an important milestone in our evolution to a diversified thermal management company serving high-growth markets," said Neil D. Brinker, President and CEO of Modine, pointing to a narrowed focus on data center cooling, commercial HVAC and refrigeration.