Transpro to Merge with Modine

Motor,  Dec 2004  by Nash, Tom

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Transpro, Inc., has signed a letter of intent with Modine Manufacturing Co. that sets forth the tenus of a proposed merger of Modine's aftermarket business into Transpro in an all-stock transaction to form a new company. As part of the transaction, Modine will acquire Transpro's heavy-duty OEM business for cash. Transpro is a manufacturer and supplier of heating and cooling components and systems; Modine specializes in thermal management systems and components.

The new company will be governed by a ten-member Board of Directors, which will include six members of Transpro's existing Board and four to be selected by Modine. One of Transpro's current outside directors will serve as chair of the new company's Board of Directors. Charles E. Johnson, Transpro's CEO, will serve as the new company's CEO.

Johnson said, "The combination of these two well-respected businesses assures that the new company will have the operational scale and financial flexibility required to compete internationally and positions it to focus on the aftermarket segment of the industry. These benefits will provide long-term growth opportunities for our employees and shareholders, and even better service to our customers."

Copyright Hearst Business Publishing Dec 2004
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