Modine Manufacturing Company
Thermal Management Systems and Industrial MachineryFounded 1916- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Modine Manufacturing Company
Company History
Founded 1916 in Racine, Wisconsin
Last reviewed: 2026-06-09T00:00:00Z · By Swet Parvadiya
Modine Manufacturing Company generated $3.181 billion in net sales during fiscal year 2026, a 23.1 percent increase from the prior year, driven by an explosive surge in demand for data center liquid cooling and heavy-duty thermal management systems that prevent catastrophic overheating in mission-critical infrastructure. The company operates as a thermal risk mitigation firm, selling the physical assurance that multi-million-dollar AI server clusters and heavy-duty electric vehicles will not fail due to excessive heat, a value proposition that creates immense switching costs and deep OEM integration. Despite a 33.5 percent decrease in net earnings to $123.3 million due to the intense capital expenditure and operational friction required to scale its manufacturing footprint, Modine’s massive backlog of data center cooling orders provides exceptional revenue visibility through fiscal 2027 and beyond. The company’s competitive moat is built on a century of accumulated process engineering expertise in complex brazing and extrusion technologies, combined with the multi-year certification timelines required by global OEMs, creating a defensive position that is exceptionally difficult for competitors to penetrate. Modine’s strategic pivot under CEO Neil Schrimsher has transformed a legacy radiator manufacturer into a critical bottleneck solver for the artificial intelligence revolution and the global transition to electrified heavy machinery, positioning the company to capture the immense value creation opportunity presented by these generational megatrends.
Arthur B. Modine founded the Modine Manufacturing Company in Racine, Wisconsin, in 1916, establishing a small manufacturing facility that would become the epicenter of a thermal management revolution. He approached the problem of heat transfer with a deep understanding of thermodynamics and fluid dynamics, engineering heat exchangers that maximized surface area for heat dissipation while minimizing weight and airflow resistance. His early success was driven by his ability to solve the most intractable thermal challenges faced by the pioneers of the automotive and agricultural industries, providing the critical cooling solutions that allowed early vehicles and tractors to operate reliably under extreme loads. Arthur Modine instilled a culture of engineering excellence and manufacturing precision in the company, developing proprietary brazing and welding techniques that set new standards for quality and reliability in the industry. His visionary leadership and unwavering focus on the physics of heat transfer laid the foundation for a century of growth and innovation, transforming Modine Manufacturing into a global leader in thermal management solutions.
Arthur B. Modine establishes the company in Racine, Wisconsin, producing the first commercially viable, high-efficiency engine cooling systems for the nascent automotive and agricultural machinery industries.
Modine secures its first major supply contracts with leading heavy-duty truck OEMs, establishing itself as the premier supplier of engine cooling systems for the commercial transport sector.
The company converts a significant portion of its manufacturing capacity to produce critical thermal management systems for military vehicles, aircraft, and naval vessels, contributing to the Allied war effort.
Modine pioneers proprietary controlled atmosphere brazing techniques, allowing for the mass production of high-strength, leak-proof heat exchangers that set new industry standards for quality and reliability.
The company establishes its first international manufacturing facilities in Europe and South America, expanding its global footprint to serve the growing demand for thermal management solutions from international OEMs.
Modine expands its product portfolio into the commercial and industrial HVAC market, introducing a line of high-efficiency heating and cooling systems that capture a significant share of the commercial building market.
The company acquires several specialized heat transfer technology firms, expanding its capabilities in advanced fluid dynamics and thermal simulation, and strengthening its position in the heavy-duty off-highway market.
Neil Schrimsher is appointed CEO of Modine Manufacturing, initiating a comprehensive strategic review that would ultimately lead to the company’s pivot toward high-margin, mission-critical thermal management solutions.
Modine completes the divestiture of its non-core, low-margin business lines, focusing its resources entirely on the Climate Solutions and Performance Technologies segments to drive margin expansion and revenue growth.
The company launches a comprehensive portfolio of direct-to-chip liquid cold plates and rear door heat exchangers specifically designed for the extreme thermal densities of next-generation AI server clusters.
Modine reports FY2024 net sales of $2.346 billion, marking the beginning of a period of explosive growth driven by the accelerating demand for data center liquid cooling and heavy-duty electrification solutions.
Modine reports record FY2026 net sales of $3.181 billion, a 23.1 percent increase from the prior year, driven by the massive surge in demand for its data center liquid cooling and heavy-duty thermal management solutions.
Modine acquired Scott Springfield Manufacturing to significantly expand its manufacturing capacity and engineering expertise in the production of complex, mission-critical heat transfer systems for the heavy-duty off-highway and commercial vehicle markets. The acquisition provided Modine with additional factory space, specialized brazing equipment, and a highly skilled workforce, allowing the company to fulfill its growing backlog of OEM orders and accelerate its growth in the Performance Technologies segment.
Modine acquired a specialized liquid cooling startup to accelerate its technology roadmap in the data center cooling market, gaining access to advanced direct-to-chip cold plate designs and two-phase immersion cooling technologies that were critical for meeting the extreme thermal densities of next-generation AI server clusters. The acquisition provided Modine with a team of highly skilled thermal engineers and a portfolio of patented technologies that significantly enhanced the company’s ability to serve the hyperscale data center market.