Dana Inc. will not buy Modine Manufacturing’s liquid-cooled systems business, as announced in November last year, according to joint statement by the two firms.
The November 2020 purchase agreement had called for Dana to buy the business for $1.00 plus assumption of some financial liabilities. The sale would have included eight plants in China, Germany, Hungary, Italy, the Netherlands, and the United States.
Dana – the designer/manufacturer of light vehicle, commercial vehicle, and EV axles, driveshafts, transmissions, and electrodynamic, thermal, sealing, and digital systems – had intended for the Modine products’ capabilities to balance Dana’s PT portfolio “with expanded thermal content, and leverage(e) complementary manufacturing processes and supply chains.”
Dana also had indicated the new operations would accelerate its electrification program with EV thermal technologies and strengthen its relationships with light-vehicle manufacturers. It further stated the purchased assets would diversify its Power Technologies footprint in the U.S., Europe, and Asia.
No specific explanation was offered for the cancellation; despite the two companies having proceeded with a regulatory review process in Germany for many months, they determined it is no longer in the best interest of either party to pursue the transaction further.
