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Drilling Industry News

Modine Completes Geofinity Acquisition

July 30, 2012

Modine Manufacturing Co. has announced that has completed the acquisition of substantially all of the assets of privately-held Geofinity Manufacturing of Surrey, British Columbia. This acquisition will provide Modine with a full line of geothermal heat pumps in both water-to-water and water-to-air models. The terms of the deal were not disclosed.

Geofinity extends Modine’s current geothermal heat pump product range beyond school-only applications to a wider market, one which has grown at a rate of nearly 15 percent annually. With a focus on the residential market, Geofinity offers Modine an opportunity to expand Modine’s distributed-product offerings to an established customer base. Geofinity products are used in a variety of residential, commercial and industrial applications, including single-family homes, condominiums and schools.

“The Modine brand is trusted by distributors, engineers, contractors and end users within the commercial HVAC market,” says Matt McBurney, vice president Commercial Products Group. “We are confident that the Geofinity acquisition will enable us to continue our strong focus on these same customers, with an added emphasis on the residential market. We are positioned to take advantage of the increasing shift to geothermal solutions, and continue demonstrating Modine’s long-standing commitment to improving HVAC efficiency,” he adds.

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