Air Quality In Schools - Modine Bolsters Product Offering Via Napps Technology Acquisition

Modine Manufacturing Company MOD has acquired Napps Technology, a manufacturer of air- and water-cooled chillers, condensing units and heat pumps for the K-12 school market and other similar applications. The financial terms were not disclosed.

Modine, which currently serves the approximately $2 billion North American chiller market, expects the Napps acquisition to enhance its offerings to the K-12 school market.

The company expects to generate $6 million - $8 million in revenue this year from the acquisition and forecasts doubling that within two years.

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"Napps Technology's modular, heat pump chillers perfectly complement our existing portfolio of indoor air quality technologies and equip us to meet a broader range of customer needs in the K-12 school market and beyond," said Jake Feldman, Vice President and General Manager of Modine's Indoor Air Quality business.

Modine also plans to continue manufacturing in Longview, Texas, and Sam Neale, current president of Napps Technology, will join Modine. 

Modine held $67.1 million in cash and equivalents as of March 31, 2023.

Price Action: MOD shares are trading lower by 2.31% at $32.37 on the last check Thursday.