Report: Samsung in talks to acquire Modine

Mergers & Acquisitions Report: Samsung in talks to acquire Modine By Andrew Weiland Nov 12, 2026 11:32 pm Share Email Facebook X Linkedin Copy URL Subscribe to BizTimes Daily – Local news about the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin. Learn more about: Modine Samsung Samsung Electronics , an affiliate of Seoul, South Korea-based Samsung Group , is in talks to acquire Racine-based Modine , according to a report from Bloomberg News . Modine, a global thermal management solutions manufacturing company with operations in more than two dozen countries, has seen its business boom in recent years by providing cooling systems for the data center development market. Modine reported record net sales of $3.2 billion for its 2026 fiscal year (which ended on March 31), up 23% from the prior year, and net earnings of $123.3 million, which was down about 34% from the previous fiscal year. - Advertisement - Last week, the company announced that it has secured yet another large data center deal, this time for $400 million of work slated for 2027. The company will supply the unnamed data center hyperscaler with custom air handling units. The deal, which adds to Modine’s existing $4 billion long-term cooling solutions agreement (LTA) reportedly with Google, follows a record $1 billion in quarterly orders for the first time in company history. Modine’s second quarter in fiscal 2027 is the fourth consecutive quarter of record orders. Modine reported 95% revenue growth in its data center business this quarter, up to nearly $440 million from $225 million last year, and a commitment to add north of $100 million of capacity in the next year, including to plants in Franklin and Calgary, Canada. - Advertisement - A portion of that capacity expansion will be made at Modine’s Franklin plant, which opened last year. Modine CEO Neil Brinker said the company will increase its production lines at the Franklin plant from 13 to 20 by the end of the year. In September, Modine announced it was still seeking 300 workers for its Franklin plant. Also in September, Modine announced it would rebrand as Modexus Solutions following the completion of the spinoff of its performance technologies business, which will be combined with Gentherm. That $1 billion deal was announced earlier this year . Sponsored Content The Secret Ingredient Helping Milwaukee Businesses... Could Your Employees Be the Next... How The Technical College’s Role Is... 100 Years Of Serving Wisconsin. Building... A practical starting point to explore... BizPeople Sherrice Harrell John Huggett Christine Brumfield