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Modine Manufacturing
Modine Manufacturing applies thermal-engineering expertise from its 1916 founding to modern data-center cooling, employing ~11K globally.
Modine Manufacturing
Arthur B. Modine founded Modine Manufacturing in 1916 in Racine, Wisconsin, after patenting a cellular radiator design that cooled tractors more efficiently. The company went public early and spent much of the twentieth century as a core supplier to the automotive and heavy-duty equipment industries. That legacy manufacturing base remains, but the firm's modern identity is tied to its 2021 corporate transformation program, which refocused the business on high-margin thermal management systems. Today Modine operates through two reporting segments: Climate Solutions and Performance Technologies. Climate Solutions covers data-center cooling, air-handling units, and school HVAC systems — the growth engine — while Performance Technologies runs the traditional vehicular business, supplying engine-cooling modules, oil coolers, and exhaust-gas recirculation systems to truck, bus, and off-highway OEMs. The company manufactures Airedale-brand precision cooling units that compete directly with Vertiv and Schneider Electric in liquid and air cooling for server racks. Its data-center customer list is not publicly enumerated, but the segment's organic revenue jumped 40% year-over-year in fiscal 2024, driven by hyperscaler demand (per the firm's earnings releases, 2024). Modine employs roughly 11,000 people and generated $2.4 billion in sales for the fiscal year ending March 2024. The firm runs a lean manufacturing network — plants in the U.S., Mexico, Hungary, India, and China — and has been actively closing or divesting underperforming lines, including selling its automotive aftermarket business in Europe in 2024. In May 2024, Modine expanded its liquid-cooling capacity by acquiring the intellectual property and assets of TMG Core, a specialist in single- and two-phase immersion cooling technology (per the company, May 2024). The deal signaled a direct push into the data-center liquid-cooling arms race that NVIDIA, Intel, and AMD's latest GPU generations have accelerated. Modine is structurally distinct from its thermal-management peers because it competes across three different industrial cycles simultaneously — automotive production, commercial real-estate HVAC replacement, and hyperscale data-center capex — which neither a pure-play auto supplier nor a building-equipment manufacturer can replicate. The override on betting the century-old company's future on data-center cooling came from a management team led by Brinker, who took the CEO job in 2021, and a board that authorized a sweeping portfolio rationalization to fund it.
General information
Firm type
other
Year founded
1916
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Racine
Corporate office
Racine, WI, United States
Principals
Neil D. Brinker
President and Chief Executive Officer
Sector focus
Frequently asked questions
What does Modine Manufacturing actually produce?
Modine designs and manufactures thermal-management components and systems — principally radiators, charge-air coolers, oil coolers, and heating/air-conditioning units. Its Climate Solutions segment also produces precision-cooling equipment for data centers under the Airedale brand, as well as HVAC systems for schools and commercial buildings. The Performance Technologies segment remains a major supplier of vehicular heat exchangers to heavy-duty truck, automotive, and off-highway OEMs.
Is Modine Manufacturing a family office or a publicly traded company?
Modine is a publicly traded industrial manufacturer listed on the New York Stock Exchange under the ticker MOD. It was founded in 1916 by Arthur B. Modine and has operated as a public company for the majority of its history. The firm is not structured as, nor does it function like, a family office or an asset manager.
How did Modine get into the data-center cooling business?
Modine entered data-center cooling through the 2019 acquisition of Airedale International Air Conditioning, a UK-based precision-cooling manufacturer. The pivot accelerated in 2021 when new CEO Neil Brinker launched a corporate transformation emphasizing high-growth climate solutions. Since then, Modine has expanded its liquid-cooling portfolio organically and through deals like the May 2024 purchase of TMG Core's immersion-cooling assets.
Which companies are Modine's biggest competitors in thermal management?
In data-center cooling, Modine competes with Vertiv, Schneider Electric, and Nortek. In automotive thermal systems, its competitors include Denso, Valeo, and MAHLE. The combined exposure — legacy vehicular powertrain cooling and next-generation liquid cooling for AI compute — sets Modine apart from pure-plays in either vertical.
What is Modine's exposure to electrification and renewable energy?
Modine supplies thermal-management modules for electric and hybrid vehicle platforms — battery-chiller plates, electronics-cooling loops, and heat-pump systems. The firm has also explored thermal products for energy storage systems and hydrogen fuel cells. However, the bulk of current revenue still comes from internal-combustion-engine vehicles and industrial heating markets.
Does Modine own its manufacturing plants or outsource production?
Modine operates an owned and leased network of roughly 30 manufacturing facilities across the United States, Mexico, Europe, India, and China. The firm has been consolidating its footprint — closing or selling higher-cost plants, particularly in Europe — while expanding production capacity for data-center cooling lines in lower-cost geographies.
Who holds voting control over Modine Manufacturing?
Modine has a fully public ownership structure with no single controlling shareholder or dual-class stock. Institutional investors — including BlackRock, Vanguard, and Dimensional Fund Advisors — hold the majority of outstanding shares. The board of directors and CEO Neil Brinker govern the firm; no family lineage from founder Arthur B. Modine retains operational control.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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