Southwest HVAC News
Napps Technology, Expanding Product Offering in Strategic Indoor
Air Quality Markets. Acquisition provides modular heat pump
chillers and condensing units that complement Modine's existing
indoor air quality line focused on the North American K-12
(NYSE: MOD), a diversified global leader in innovative thermal
management and ventilation solutions, announced today that it
acquired Napps Technology, a manufacturer of air- and water-cooled
chillers, condensing units and heat pumps for the K-12 school market
and other similar applications. This acquisition is in line with
Modine's growth strategy to provide differentiated technologies and
systems that help customers address real-world concerns, such as
improving indoor air quality in schools.
"Since announcing our transformation initiatives last year, we have
said that acquisitions would be a key part of our growth strategy,"
said Neil Brinker, President and Chief Executive Officer of Modine.
"Acquiring Napps Technology is in line with our transformation to
focus on innovative, engineered solutions that expand our technology
portfolio, and furthers our purpose of engineering a cleaner,
healthier world. We are excited to demonstrate that Modine is doing
what we committed: investing in markets with strong tailwinds that
advance our product and technology strategies and help us achieve
our long-term margin targets."
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Modine currently serves the approximately $2 billion
North American chiller market with large chillers targeting the data
center market. The acquisition of Napps Technology allows Modine to
enhance its offerings to the K-12 school market, while also enabling
Modine to serve a broader range of customers and end markets seeking
small tonnage chillers and chillers with heat pumps. Modine expects
to generate between $6 million to $8 million in revenue this year
from the acquisition and forecasts doubling that within two years.
"Technologies that improve indoor air quality are more important
than ever, especially in schools," said Jake Feldman, Vice President
and General Manager of Modine's Indoor Air Quality business. "Napps
Technology's modular, heat pump chillers perfectly complement our
existing portfolio of indoor air quality technologies and equip us
to meet a broader range of customer needs in the K-12 school market
and beyond," said Feldman.
Modine also announced that it will continue to manufacture in
Longview, Texas, and that Sam Neale, current president of Napps
Technology, will join Modine. Jake Feldman continued, "Sam has done
an outstanding job building the Jetson brand and diversifying Napps
Technology's product and customer base over the last five years.
We're thrilled to have him join Modine."
"Modine is a leader in providing quality, innovative heating and
cooling solutions. We're proud to become part of Modine and look
forward to continuing to provide trusted systems that improve indoor
air quality." said Sam Neale.
At Modine, we are Engineering a Cleaner, Healthier World™. Building
on more than 100 years of excellence in thermal management, we
provide trusted systems and solutions that improve air quality and
conserve natural resources. More than 11,000 employees are at work
in every corner of the globe, delivering the solutions our customers
need, where they need them. Our Climate Solutions and Performance
Technologies segments support our purpose by improving air quality,
reducing energy and water consumption, lowering harmful emissions
and enabling cleaner running vehicles and environmentally-friendly
refrigerants. Modine is a global company headquartered in Racine,
Wisconsin (U.S.), with operations in North America, South America,
Europe and Asia. For more information about Modine, visit