Racine-based Modine Manufacturing Co. announced that it has sold substantially all of the assets of its Thermacore Inc. electronics cooling subsidiary based in Lancaster, Pa., , for $13.25 million.
The price includes $2.5 million of seller financing with subordinated, promissory notes delivered by the buyer. The purchaser, FSBO Ventures, is owned by current and former members of Thermacore's management team.
Commenting on the divestiture, Modine president and chief executive officer Thomas Burke said, "The sale of Thermacore is consistent with our strategy to divest non-core or underperforming assets in order to focus our leadership attention and capital resources on more strategic, value-adding opportunities."
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