Modine to sell Korean subsidiary for $14 million; TDS Telecommunications acquires New Hampshire company
Modine to sell Korean subsidiary for $14 million
Modine Manufacturing Co., a Racine-based producer of thermal management technology and solutions, has entered into an agreement to sell 100 percent of the shares of Modine Korea LLC, its Korean-based vehicular HVAC business, to KB Synthetics for approximately $14 million.
The sale is expected to close by the end of December and will enable KB Synthetics and its affiliates to expand their product offering of quality parts to the Korean automotive, commercial vehicle and off-highway markets.
Thomas Marry, Modine regional vice president of Asia and commercial products, said, "KB Synthetics is focused on growing their presence in the Korean market with the acquisition of Modine Korea. Modine Korea provides them with a standalone vehicular HVAC research and development, testing, application engineering and manufacturing business. We are committed to the successful completion of the sale process and to a smooth transition of the business thereafter."
TDS Telecommunications acquires New Hampshire company
TDS Telecommunications Corp., the Madison-based parent company of TDS Metrocom, has acquired Union Telephone Company Inc., a privately held telecommunications company in Farmington, N.H.
The transaction includes approximately 8,500 access line equivalents, covering 150 square miles in rural, eastern New Hampshire.
“We look forward to the opportunity to serve the customers of Union Telephone Company with the same level of outstanding customer care and communications expertise that our existing TDS customers enjoy in the Granite State today. Union Telephone is an excellent company and a strong, strategic addition to our service area footprint in New Hampshire,” said David Wittwer, president and chief executive officer of TDS Telecommunications Corp., which is a subsidiary of Telephone and Data Systems Inc.
TDS now operates five phone companies in New Hampshire. Financial terms of the acquisition were not disclosed.
