Modine Manufacturing Expands Portfolio with $112 Million Acquisition of L.B. White
In a strategic move to broaden its product offerings, Racine-based Modine Manufacturing has finalized the acquisition of Onalaska-based heating systems manufacturer L.B. White for over $100 million. This acquisition marks a significant expansion for Modine, a company known for its extensive range of heating, cooling, and HVAC systems, employing more than 11,000 people worldwide.
The agreement was announced on Friday, and a company representative confirmed that the transaction was completed on Saturday, as initially planned. L.B. White, which specializes in heating solutions for agriculture, construction, and special events, employs approximately 190 individuals.
According to Modine President and CEO Neil Brinker, the acquisition is intended to “expand and diversify” Modine’s portfolio. Brinker stated, “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.”
Modine has been actively pursuing growth, as evidenced by its reported net sales of $2.6 billion for the fiscal year ending March 31, reflecting a 7 percent increase from the previous year. The company has been in an expansion mode, with significant developments occurring this spring.
Earlier in the year, Modine secured $180 million in orders for data center cooling systems and announced plans to acquire AbsolutAire, a Michigan-based company specializing in direct-fired heating, ventilation, and make-up air systems.
The acquisition of L.B. White, valued at approximately $112 million, will see the company integrated into Modine’s HVAC product group. Despite the change in ownership, L.B. White’s current leadership team will remain in place. Eric McGinnis, president of climate solutions at Modine, highlighted the potential benefits of this acquisition, stating, “L.B. White’s product lines align well with our technology expertise. The complementary product technologies, additional sales channels and cross-selling opportunities position Modine to meet the evolving needs of our customers with the right product at the right time.”
