RACINE, Wis. - Modine Manufacturing Co. announced that it has acquired privately held Airedale International Air Conditioning Limited of Leeds, England, for approximately $38 million in cash.

With 2004 revenues of about $75 million, Airedale is a designer and manufacturer of specialty air conditioning systems. While the majority of its sales are in the United Kingdom, about 40 percent of Airedale's 2004 revenues were outside the U.K.

Airedale offers an opportunity to leverage the commercial and operational successes of Modine's North American HVACR business, according to David Rayburn, Modine president and chief executive officer. He noted that the acquisition of Airedale nearly doubles the size of Modine's HVACR business.

"Airedale strongly fits our acquisition criteria for product, market, customer, and geographic diversification within our core business of applied thermal management," Rayburn said. "We share the belief with Airedale that the demand for energy efficient, environmentally friendly air conditioning systems will continue to rise. Like Modine's other businesses, Airedale focuses on customers and applications where technology, innovation, and functionality are the drivers."

Publication date: 05/16/2005