Schmid Metall GmbH’s Acquisition Of Modine Manufacturing Company’s Automotive Business

CMS Modine on the sale.

US-based Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, is selling part of its European air-cooled automotive business, including its manufacturing facility in Kottingbrunn, to the Austrian company Schmid Metall GmbH. The sale will allow Modine to avoid significant liabilities and future cash investments in the business.

The transaction is expected to close in the first half of 2021, following the receipt of regulatory approvals and other customary closing conditions.

Modine takes this important strategic step in order to further fuel and grow its remaining businesses that provide higher operating Margins, lower capital intensity and greater free cash flow generation.

The buyer, Schmid Metall GmbH, is an affiliate of Rupert Fertinger GmbH.

A team of experts at CMS Vienna led by Partner Alexander Rakosi (Picture – Corporate/M&A) and Lead Associate Florian Mayer (Corporate/M&A) are advising Modine on the sale. The CMS core team is further comprised of Partners Johannes Trenkwalder (Corporate/M&A), Stefan Paulmayer (Banking & Finance), Rainer Wachter (Corporate/M&A), Counsel Hans Lederer (IP) and Associates Christoph Birner (Corporate/M&A; Banking & Finance) and Anna Hiegelsperger (Corporate/M&A). Partners Dieter Zandler (Competition), Andrea Potz (Employment) and Gabriela Staber (IP), Attorney-at-Law Mariella Kapoun (Real Estate), and Associates Miriam Baierl (Real Estate) and Matthias Emich (Corporate/M&A) have provided additional valuable support. Partner Jochen Lamb and Associate Martina Meier-Grom (both CMS Germany, Corporate/M&A) have advised on German law matters.

Involved fees earner: Jochen Lamb – CMS Hasche Sigle; Martina Meier-Grom – CMS Hasche Sigle; Hans Lederer – CMS Legal; Miriam Baierl – CMS Reich-Rohrwig Hainz; Christoph Birner – CMS Reich-Rohrwig Hainz; Matthias Emich – CMS Reich-Rohrwig Hainz; Anna Hiegelsperger – CMS Reich-Rohrwig Hainz; Mariella Kapoun – CMS Reich-Rohrwig Hainz; Florian Mayer – CMS Reich-Rohrwig Hainz; Stefan Paulmayer – CMS Reich-Rohrwig Hainz; Andrea Potz – CMS Reich-Rohrwig Hainz; Alexander Rakosi – CMS Reich-Rohrwig Hainz; Gabriela Staber – CMS Reich-Rohrwig Hainz; Johannes Trenkwalder – CMS Reich-Rohrwig Hainz; Rainer Wachter – CMS Reich-Rohrwig Hainz; Dieter Zandler – CMS Reich-Rohrwig Hainz;

Law Firms: CMS Hasche Sigle; CMS Legal; CMS Reich-Rohrwig Hainz;

Clients: Modine Manufacturing Company;

Author: Federica Tiefenthaler