Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, has entered into definitive agreements to form and assume a controlling share of a joint venture in China with privately-held Jiangsu Puxin Heat Exchange System Co., Ltd. Puxin is a manufacturer of stainless steel heat exchangers located in Yangzhou, China, approximately 200 miles northwest of Shanghai. The joint venture, which Modine expects to facilitate through one of its China subsidiaries, will expedite Modine’s introduction of stainless steel heat exchangers for the China light-, medium-, and heavy-duty commercial vehicle markets. The deal is expected to close during the fourth quarter of fiscal 2016, and is subject to successful completion of customary closing conditions.
“Establishing this joint venture with Puxin helps us expand our product offerings in China and more fully utilize assets we already have on the ground there,” said Scott Bowser, Modine’s Vice President, Asia. “In addition, it supports our objective of expanding our low-cost manufacturing footprint for producing advantaged heat exchangers for the vehicular markets, where Modine plays a leading global role.”