Modine closes Geofinity deal
September 17, 2012
Modine Manufacturing Company recently completed the acquisition of substantially all of the assets of privately-held Geofinity Manufacturing of Surrey, BC. 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 was the recipient of a 2012 AHR Innovation Award in the Building Automation Category for its “ORB” Heat Pump Controller. The acquisition 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 per cent 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.