Gentherm took the car-parts business, and the 110-year-old Modine name with it

The name went with the parts business

The word "Modine" belongs to Gentherm now. The buyer took the brand, the domains and the trademarks with the Performance Technologies business when the deal closed on 1 October, and says it "will continue to go to market as Modine" ¹. The company founded in 1916 ³ keeps the ticker, the exchange listing and the data-center cooling business, and licenses its own name back ².

The license runs four years exclusive, then non-exclusive, in heating, ventilation, air conditioning and refrigeration, and two years in heat transfer, with a transitional right for two years beyond that ². Shareholders vote within three months on renaming the company Modexus Solutions↗ ⁴⁵. Modine's own filing↗ flags "the risk that the name change causes confusion among customers, suppliers, employees or investors" ².

Six and a half times out, sixty-seven times kept

The two halves of one company left at very different prices. Performance Technologies produced $277.8 million of sales and $36.2 million of adjusted EBITDA in the June quarter ⁶; the $946.4 million placed on it, set off Gentherm's 30 September closing price, is about 6.5 times that figure annualized ²⁶.

What stayed is the AI trade: Data Centers revenue rose 90 percent to $348.6 million in the quarter, under a stock priced at 66.9 times earnings ⁶³. Six and a half times for the half that left, sixty-seven for the half that stayed.

$156 million of debt retired, none of it SpinCo's

Modine collected $155,991,275 from SpinCo, less than the $210 million first agreed after the exchange ratio was adjusted upward to keep the deal tax-free, and prepaid its credit facility with the proceeds: close to a third of the $528.2 million of debt carried at 30 June ²⁶. SpinCo's term loan is now Gentherm's obligation, not Modine's ². Holders of record on 28 September received 0.44619 Gentherm shares per Modine share, 43.62 percent of the combined company, plus a $2.07 Gentherm dividend payable 7 October ⁴².

Bulls kept the faith; the tape did not

MOD traded 3.8 percent lower before the bell on Friday ⁸ and closed down 6.2 percent at $177.44 on 2 October ³. Friday was the second leg of a payout already taken: record-date holders had absorbed an 11.6 percent one-day drop through the deal's due-bill mechanics, after insiders banked $27.8 million, as The Inference reported on 30 September ⁹.

Oppenheimer kept its outperform rating and cut its target from $300 to $260, still about 46 percent above the market; DA Davidson holds $330 and the consensus reads $310.86 ³.

The bulls have receipts: backlog nearly doubled in a year on three consecutive record order quarters, and fiscal 2027 guidance still calls for 20 to 35 percent sales growth↗ ⁶. That guidance still counts the business that just left, and an updated outlook for the continuing company comes only after the closing ⁶. Gentherm expects the deal to cut its light-vehicle revenue mix from about 97 percent to 63 percent, with "a clear path to exceed $3.5 billion in revenue by 2030" ⁷.

The Modexus vote settles the name

Three dates decide the next leg: the dividend on 7 October, pro forma financials due by amendment within four business days of the closing, and the name vote by early January ². Until then the ticker says MOD, and the trademark answers to Gentherm.