Modine Announces Landmark $4 Billion Long-Term Capacity Agreement through 2029 with Strategic Data Center Customer for Airedale by Modine™ Cooling Solutions

RACINE, Wis., May 26, 2026 /PRNewswire/ -- Modine (NYSE: MOD), a global leader in thermal management technology and solutions, today announced that it has entered into a significant Long-Term Capacity Agreement ("LTA") with one of its strategic data center customers for its Airedale by Modine™ cooling solutions. The agreement solidifies the company's position as a premier provider of advanced cooling technologies for the rapidly expanding data center market and underscores the strength of its customer partnerships.

Under the terms of the LTA, Modine will guarantee capacity to supply more than $4 billion of its cutting-edge Airedale data center cooling products for sale to the customer during calendar years 2027 through 2029. In connection with the LTA and capacity commitment, Modine received an upfront cash payment of $165 million from the customer to support capacity investments and other expenditures needed to meet its commitments. This agreement advances Modine's strategic objective of accelerating growth in its Data Centers segment and reflects the collaborative approach Modine takes with key customers.

"This landmark agreement is a testament to the successful execution of our long-term strategy to grow our Data Centers business and validates our position as a technology leader," said Neil D. Brinker, President and Chief Executive Officer of Modine. "We are focused on providing our key customers with the mission-critical cooling solutions necessary to support the build-out of the digital economy, and this agreement is a perfect example of that commitment in action."

Art Laszlo, President of Modine's Data Centers segment, commented, "Securing this substantial, multi-year agreement with a strategic partner highlights the strength of our Airedale technology and our ability to deliver innovative, reliable cooling solutions at scale. The dedicated capacity and upfront investment will allow us to confidently expand our operations to meet the stringent demands of our customer. This is an exciting opportunity for our business, and we are proud to support our customer's growth trajectory with our advanced Airedale solutions."

About Modine
For more than 100 years, Modine has solved the toughest thermal management challenges for mission-critical applications. Our purpose of Engineering a Cleaner, Healthier World™ means we are always evolving our portfolio of technologies to provide the latest heating, cooling, and ventilation solutions. Through the hard work of more than 11,000 employees worldwide, our businesses advance our purpose with systems that improve air quality, reduce energy and water consumption, lower harmful emissions, enable cleaner running vehicles, and use environmentally friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe, and Asia. For more information about Modine, visit modine.com.

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Forward-Looking Statements

This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "intends," "projects," and other similar "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under "Risk Factors" in Item 1A of Part I of the Company's most recent Annual Report on Form 10-K. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to geopolitical tensions and military conflicts, including the conflict between the U.S. and Iran, inflation, energy costs, government incentive or funding programs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, and public health threats; the overall health and pricing focus of our customers; changes or threats to the market growth prospects for our customers; our ability to successfully exit portions of our business that do not align with our strategic plans, including the various risks related to the pending Reverse Morris Trust transaction with Gentherm; our ability to realize the sales growth and return on investments anticipated in our Data Centers business and our ability to execute on other organic growth opportunities and acquisitions; our ability to realize anticipated benefits, including improved profit margins and cash flow, from strategic initiatives and our continued application of 80/20 principles across our businesses; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses, particularly in our Data Centers business, while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and product warranty and liability claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology systems; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets and the impact of changes in tax regulations; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this press release, and we do not assume any obligation to update any forward-looking statements. 

SOURCE Modine