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Samsung Electronics is in talks to acquire Modine Manufacturing, the Racine, Wisconsin-based maker of cooling systems for data centers, Bloomberg reported on Nov. 12.
Featured: Exterior panorama of the Samsung Electronics corporate campus buildings.
Samsung Electronics, based in Suwon, South Korea, would be the buyer, and the New York-listed Modine would be the target. Terms were not disclosed. The companies are discussing a transaction that could come together within weeks, according to people familiar with the matter. No final decision has been made, the talks could still fall apart, and another suitor could emerge.
Representatives for Samsung and Modine declined to comment, and [Reuters](https://www.thenewstribune.com/news/business/article318055195.html) could not immediately verify the report. Modine shares closed at $106.10 on Nov. 12, a market value of about $5.6 billion. The stock rose more than 28 percent to above $135 in late trading after the report, [The Business Times](https://www.businesstimes.com.sg/companies-markets/samsung-talks-acquire-data-centre-cooling-firm-modine) reported.
Modine is now largely a data center cooling supplier. Data Centers segment sales rose 95 percent to $439.7 million in the quarter ended Sept. 30, Modine said. The gain came from higher sales to hyperscale customers in North America, and the segment posted record orders and backlog.
"Demand for our products remains very robust, highlighted by record orders and backlog in our Data Centers segment," said Neil D. Brinker, Modine's president and chief executive.
Modine completed the spin-off of its automotive unit, Performance Technologies, on Oct. 1 to concentrate on thermal management. The company sells data center cooling systems under its Airedale by Modine brand, a business it acquired in 2005, according to Data Center Dynamics. "Modine recently became a pure-play thermal management business and has huge upside to data centre cooling solutions," said Christina Feehery, a Bloomberg Intelligence analyst.
Samsung has been expanding its thermal solutions business for data centers. It bought Germany's FlÃĪktGroup, a maker of data center cooling and ventilation systems, for 1.5 billion euros (US$1.7 billion) in 2025. Daikin Industries, LG Electronics, and Vertiv also compete in data center cooling.
Baxtel tracks more than 6,000 data center facilities in the United States, operated by 985 providers, led by Amazon AWS with 409 sites and Google with 132. Modine's data center customers are concentrated in North America.
Modine has guided to fiscal 2027 net sales of $3.1 billion to $3.2 billion and adjusted EBITDA of $470 million to $500 million for its continuing operations. The company holds an analyst and investor day on Nov. 18, when it plans to share longer-term revenue and earnings targets.
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