RACINE, Wis. (AP) -- Modine Manufacturing Co., which makes heating and cooling systems for vehicles, said it plans to divest its Korea-based vehicular heating, ventilation and air conditioning business.
Modine said late Tuesday the divestiture is part of a broader push to scale back its presence in the global vehicular HVAC market and streamline its spending and product portfolio.
The company said the Korean HVAC business was part of Modine's $80 million acquisition of WiniaMando Inc.'s automotive climate control division in 2004.
Modine said it will discuss the financial impact of the divestiture during its second-quarter earnings conference call scheduled for Oct. 30.
Shares of Modine closed Tuesday at $9.26. The stock is down 44 percent for the year to date.
