Modine completes Performance Technologies spin-off into Gentherm
Modine shareholders received 0.44619 Gentherm shares for each share held as of the September 28, 2026 record date
Published
Modine has completed the spin-off of its Performance Technologies business and its combination with Gentherm, structured as a Reverse Morris Trust transaction effective October 1, 2026.
Modine received a cash distribution of approximately $156 million from the spun-off business and used it to repay outstanding borrowings. Based on Gentherm's closing price on September 30, 2026, the transaction valued Performance Technologies at approximately $946.4 million. Jeremy M. Patten, who had been President of Performance Technologies, has moved over to Gentherm with the closing, completing the operational handoff between the two companies.
Modine has separately said it will seek shareholder approval to rename itself Modexus Solutions. The closing finalizes an exchange ratio and cash distribution that land close to the adjusted figures Modine had already disclosed. What remains unresolved is how the market will value the narrower, post-spin Modine, given that its revenue concentration with Google has been flagged as the key open question for the company going forward. This transaction does not settle that question either way.