Modine Manufacturing to acquire Onalaska-based manufacturer

Racine-based Modine Manufacturing has purchased an Onalaska heating systems manufacturer for more than $100 million.

On Friday, Modine announced it had entered into an agreement to purchase L.B. White. A spokesperson said via email the sale closed as planned on Saturday.

Modine, which has more than 11,000 employees worldwide, engineers, manufactures and tests a variety of heating and cooling products and HVAC systems. L.B. White specializes in heating products for agriculture, construction and special events. The company employs about 190 people.

In a statement, Modine President and CEO Neil Brinker said the acquisition helps to “expand and diversify” the company’s portfolio.

“The L.B. White team brings highly engineered solutions and expertise for end markets that have unique climate requirements,” Brinker said. “Both L.B. White and our recent acquisition of AbsolutAire align with our vision to solve mission-critical thermal management challenges for our customers.”

The Racine company reported net sales of $2.6 billion in the fiscal year ending March 31, up 7 percent from the prior year. It’s been in expansion mode this spring.

In February, the company announced it secured a $180 million in orders to provide data center cooling systems. In March, Modine announced its agreement to acquire AbsolutAire, a Michigan company that makes direct-fired heating, ventilation, and make-up air systems.

The acquisition of L.B. White was valued at approximately $112 million. The company says L.B. White will be integrated into Modine’s HVAC product group and the company’s current leadership team will stay in place.

“L.B. White’s product lines align well with our technology expertise,” Eric McGinnis, president of climate solutions at Modine, said in a statement. “The complementary product technologies, additional sales channels and cross-selling opportunities position Modine to meet the evolving needs of our customers with the right product at the right time.”