Modine confirm Chinese joint venture
USA – The Modine Manufacturing Company , the Wisconsin-based leader in thermal management technology and solutions, have announced that they have assumed a controlling share of a joint venture in China with the privately-held Jiangsu Puxin Heat Exchange System Co., Ltd. Puxin manufactures stainless steel heat exchangers and their headquarters are located in Yangzhou, China, approximately 200 miles northwest of Shanghai.
The two companies hope that the deal, which was first mooted on the 22nd of December 2015, to set up the joint venture will expedite Modine’s introduction of stainless steel heat exchangers designed for the Chinese light-, medium-, and heavy-duty commercial vehicle markets. Prior to this joint venture, Modine produced these products in other regions outside China.
Puxin, which was founded in 2006, has established a reputation for itself as a trusted brand of heat exchangers for the Chinese vehicular markets. As per the agreement, Puxin has contributed substantially all of its current business and assets to the new joint venture, which will be known as Modine Puxin Thermal System (Jiangsu) Co., Ltd. The joint venture company will continue to operate from Puxin’s Yangzhou location. Other terms of the deal have not, however, so far been disclosed.
Commenting on the joint venture, Scott Bowser, Modine’s Vice President for Asia, declared that “We are very pleased to have closed this transaction, which will help Modine strengthen and grow our position as a leading provider of cost-effective, thermal management solutions for the global vehicular markets.”