RACINE, Wis. -- Modine Manufacturing Co. has completed the previously announced sale of Modine Korea LLC, its Korean-based vehicular HVAC business, to KB Synthetics based in Daegu, South Korea.

Commenting on the transaction, Thomas Marry, Modine regional vice president – Asia and Commercial Products, said, “We are pleased to have concluded the sale of Modine Korea to KB Synthetics. We are grateful for the efforts of both the Modine Korea and KB Synthetics organizations to move this to completion. We wish the company much success and would like to express our appreciation to the customers and employees of Modine Korea for their support, both in the past and during the transition of the business ownership.”

With this sale, Modine nears completion of its strategic decision to exit the passenger thermal management (passenger compartment HVAC) market. However, the company said it expects that it will continue to be active in the Korean market with its advanced powertrain cooling and engine products following an orderly transition period with KB Synthetics.