Modine Manufacturing will spin off its aftermarket business and merge it with Transpro July 21, creating a new public company called Proliance International. After the debt-free, tax-free transaction is completed, Modine shareholders will own approximately 52 percent of Proliance’s common stock, having received 0.24 shares of Proliance stock for every one share they hold of Modine common stock.
The merger is not subject to Modine shareholder approval, but must be approved by Transpro stockholders, who will vote on it at the company’s annual meeting. Modine also purchased the heavy-duty original equipment business of Transpro for $17 million in March.
Modine specializes in thermal management systems and components used in light, medium, and heavy-duty vehicles, HVAC equipment, industrial equipment, refrigeration systems, fuel cells and electronics. Transpro is a manufacturer and distributor of aftermarket heat transfer and temperature control products for automotive and heavy-duty applications.