Schmid Metall completed the acquisition of the Austrian automotive business of Modine Manufacturing Company.

Schmid Metall, a producer of components for temperature management in vehicles, completed its acquisition of the Austrian automotive business of Modine Manufacturing Company, a manufacturer of heat transfer and heat-storage technology products. Financial terms were not disclosed. "We have been on a journey to become a diversified industrial company and this transaction will allow us to focus our resources on our remaining businesses that provide higher operating margins, lower capital intensity and greater free cash flow generation," Neil D. Brinker, Modine CEO.