Modine Acquires L.B. White In $112-Million Deal To Expand HVAC, Agriculture Heating Business

Modine Manufacturing Co. MOD announced Friday that it will acquire L.B. White in a deal valued at approximately $112 million. The move aims to expand Modine’s HVAC portfolio with specialized heating solutions for agriculture, construction and event markets.

L.B. White, headquartered in Wisconsin, is known for its direct-fired, radiant and electric heating systems. It holds a leading position in North America’s swine and poultry markets and has additional operations in Georgia.

The acquisition supports the company’s strategy to grow its presence in adjacent sectors with high-performance, engineered products.

Modine CEO Neil D. Brinker said the deal strengthens the company’s ability to address a broader range of climate control needs. President of Climate Solutions, Eric McGinnis, added that the product lines complement Modine’s existing offerings and open new sales opportunities.

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L.B. White is expected to generate $73.5 million in revenue for fiscal 2025. The acquisition is projected to be immediately accretive to earnings, with additional upside from operational synergies and Modine’s 80/20 operating model.

Upon closing, L.B. White will be integrated into Modine’s HVAC Technologies group, with its leadership team remaining in place.

Modine Manufacturing held cash and cash equivalents of $71.6 million as of March 31, 2025.

Related ETFs: Invesco Water Resources ETF PHO, Industrial Select Sector SPDR Fund XLI.

Price Action: MOD shares are trading lower by 0.67% at $90.88 premarket at the last check Friday. 

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