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MOD

Modine Manufacturing

$12.05

-0.25 (-2.03%)

12:09
11/30/16
11/30
12:09
11/30/16
12:09

Modine completes $418M acquisition of Luvata Heat Transfer Solutions

Modine Manufacturing announced the completion of its previously disclosed agreement to purchase Luvata Heat Transfer Solutions. The agreement to acquire the company was announced on September 6. The purchase price was approximately $418M. For the trailing 12 months ended September 30, Luvata HTS had net sales of $549M and EBITDA of $55M. The company expects to achieve annual cost synergies of at least $15M within the first three to four years, in particular through the ongoing optimization of manufacturing and procurement organizations and cost structures. Additional revenue synergies will emerge through the sale of Luvata HTS's products into Modine's broad client base and utilization of Luvata HTS's sales team to sell Modine's coil and other products into Luvata HTS's client base. In light of the addition of the Luvata HTS business and the near-term discontinuation of the Luvata name, Modine will be transitioning to new names for each of its global businesses. These new designations will more clearly define our three distinct, but clearly related businesses. The new Modine names will be: Commercial and Industrial Solutions; Vehicular Thermal Solutions; and Building HVAC Systems. In support of the Commercial and Industrial Solutions integration process, Modine has announced that Dennis Appel, previously President, Luvata HTS, will transfer to Modine in the role of Vice President, Commercial and Industrial Solutions, the company said.

MOD Modine Manufacturing
$12.05

-0.25 (-2.03%)

03/24/16
GHSC
03/24/16
UPGRADE
Target $12
GHSC
Buy
Modine Manufacturing upgraded to Buy from Neutral at Seaport Global
Seaport Global analsyt Michael Shlisky upgraded Modine Manufacturing to Buy and raised its price target to $12 from $7.50 after a recent management meeting. The analyst believes shares have further to run and has increased confidence in the company's Strengthen, Diversify and Grow program, which targets increased operating margins and revenue diversity away from core vehicular markets. Shlisky views guidance as reasonable and sees several paths for Modine to beat his new expectations.
10/20/16
10/20/16
NO CHANGE

September NA Class 8 truck data a negative, says Seaport Global
Seaport Global analyst Michael Shlisky said September North American truck data is a negative for the Class 8 sector. Class 8 sales declined 24% year-over-year, versus down 28% in Q3, while production declined 36%, down 35% in Q3, and orders declined 29%, versus down 40% in Q3. The analyst said PACCAR production was inline with his model for the quarter and continues to view the company as best positioned in the current environment.

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