Racine-based
Modine, a manufacturer of thermal management products, has entered into a definitive agreement to acquire Kalamazoo, Michigan-based
AbsolutAire.
AbsolutAire is a manufacturer of direct-fired heating, ventilation and make-up air systems. Terms of the transaction, which is expected to close on April 1, were not disclosed.
"Acquiring AbsolutAire is in line with our strategy to expand our technology portfolio with differentiated solutions to capture opportunities in markets with strong tailwinds," said
Neil Brinker, president and chief executive officer of Modine. "Through this acquisition, we gain another top-tier HVAC offering to serve customers demanding fit-for-purpose and sustainable air management systems."
AbsolutAire recorded revenue of approximately $25 million in 2024. Acquiring the company will allow Modine to broaden its air quality solutions portfolio.
The acquisition, which will be integrated into Modine's Heating & Schools IAQ product group within the Climate Solutions segment, also gives Modine access to a broader customer base in commercial, industrial, food service, and warehousing applications.