RACINE, Wis. (AP) -- Modine Manufacturing Co. says it's selling its subsidiary Thermacore to a company formed by Thermacore's management.
Racine-based Modine didn't disclose terms of the deal on Monday.
Thermacore is based in Lancaster, Pennsylvania. The company makes electronics cooling products and did $32 million worth of business last fiscal year.
Modine acquired Thermacore in 2001. The company has nearly 180 employees, including its operations in the United Kingdom. A news release says it'll continue to operate in Pennsylvania and in the U.K.
Modine says the deal is expected to close in early 2009.
The company announced last week it was closing three plants and cutting more than 660 jobs as part of its plan to improve profits.