RACINE, Wis. -- Modine Manufacturing Co. has entered into an agreement to sell 100 percent of the shares of Modine Korea LLC, its Korean-based vehicular HVAC business, to KB Synthetics for approximately $14 million. The sale is expected to close by the end of December.
 
This move allows the Korean-based KB Synthetics and its affiliates to expand their product offering of quality parts to the Korean automotive, commercial vehicle and off-highway markets.

Commenting on the transaction, Thomas Marry, Modine regional vice president – Asia and Commercial Products, said, “KB Synthetics is focused on growing its presence in the Korean market with the acquisition of Modine Korea. Modine Korea provides them with a stand-alone vehicular HVAC research and development, testing, application engineering and manufacturing business. We are committed to the successful completion of the sale process and to a smooth transition of the business thereafter.”