Thermal management company, Modine, says it has assumed a controlling share of a joint venture in China with privately-held Jiangsu Puxin Heat Exchange System after all closing conditions were completed.
Puxin is a manufacturer of stainless steel heat exchangers located in Yangzhou, China, around 200 miles north-west of Shanghai.
As announced on 22 December, the joint venture will expedite Modine’s introduction of stainless steel heat exchangers for the China light, medium and heavy-duty commercial vehicle markets.
Modine already produces these products in other regions.
Puxin contributed substantially all of its current business and assets to the new joint venture, which will be known as Modine Puxin Thermal System (Jiangsu).
Modine Puxin Thermal Systems will operate from the Yangzhou location. No other terms of the deal were disclosed.
“We are very pleased to have closed this transaction, which will help Modine strengthen and grow our position as a provider of cost-effective, thermal management solutions for the global vehicular markets,” said Modine’s vice president, Asia, Scott Bowser.