Shares of Modine Manufacturing Company (MOD) are moving up around 19 percent during Thursday morning trading over a deal with Gentherm, agreeing to spin-off and simultaneously combine its Performance Technologies business with Gentherm in a Reverse Morris Trust transaction.
Modine's stock is currently trading at $175.39, up 19.39 percent or $28.69, over the previous close of $146.90 on the New York Stock Exchange. It has traded between $64.79 and $182.59 in the past one year.
With revenue of $2.6 billion on a pro-forma basis, the combined company will focus on serving attractive end markets including power generation; commercial, heavy-duty, and light vehicle; and medical.
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