Modine Agrees To Acquire L.B. White

(RTTNews) - Modine Manufacturing Co.(MOD), a thermal management firm, Friday said it has agreed to acquire L.B. White, a provider of specialty heating solutions for the agriculture, construction and special event industries, for an enterprise value of about $112 million.

The transaction is expected to add to Modine's earnings immediately.

L.B. White anticipates reporting revenue of $73.5 million for its fiscal year ending May 31.

Upon closing the transaction, which is expected on May 31, L.B. White will be integrated into Modine's HVAC Technologies product group, with the current leadership team remaining in place.

"The L.B. White team brings highly engineered solutions and expertise for end markets that have unique climate requirements. Both L.B. White and our recent acquisition of AbsolutAire align with our vision to solve mission-critical thermal management challenges for our customers and will help us expand into adjacent markets with strong, long-term growth profiles," said Neil D. Brinker, Modine President and CEO.