Modine Manufacturing Co. (Racine, WI) announced that it has completed the acquisition of the Shanghai, China, assets of the Automotive Climate Control Division (ACC) of WiniaMando Inc. The assets in Shanghai consisted of ACC's wholly owned subsidiary. Modine completed the purchase of ACC's South Korean assets on July 31, 2004.
With the completion of the Shanghai asset transfer, the only outstanding element of Modine's ACC acquisition relates to Modine's acquisition of ACC's interest in a joint venture in Hefei, China. Modine anticipates that it will complete the acquisition of that 50%-owned joint venture within the very near future, as soon as certain government approvals are received.
The former ACC designs and manufactures heating, ventilating and air conditioning systems for minivans, SUVs, commercial vehicles, trucks, buses and trains as well as other heat transfer components. With the acquisition, Modine adds a total of nearly 700 people, along with a state-of-the-art wind tunnel, research center and manufacturing plant in South Korea, the wholly owned facility in Shanghai, China, and the 50/50 joint venture in Hefei, China. Modine's Asia operations will be headquartered in Shanghai, China.
