Bloomberg reported Nov. 13 that Samsung Electronics is in discussions to buy U.S.-listed Modine Manufacturing Company, whose data center sales jumped 95% in its latest quarter. The reported talks put a U.S. supplier of data center cooling equipment at the center of a potential cross-border deal.
Bloomberg, citing people familiar with the discussions, reported that an agreement could come together in the coming weeks. The talks could also fall apart; no final decision has been made, and another suitor could emerge. The report did not give a purchase price or detailed terms.
Modine’s filing with the Securities and Exchange Commission showed its Data Centers segment had $439.7 million in sales for the quarter ended Sept. 30, up from $225 million in the same period a year earlier. The company attributed most of the increase to higher sales volume from hyperscale customers in North America. Modine’s total net sales rose 35% to $994.4 million from $738.9 million.
Modine President and CEO Neil D. Brinker said, “Demand for our products remains very robust, highlighted by record orders and backlog in our Data Centers segment.” The segment sells chillers, precision air-handling units, fan walls, rear-door heat exchangers, immersion solutions and modular data center systems.
Modine completed the spin-off of its Performance Technologies business on Oct. 1, retaining its Data Centers and Commercial HVAC businesses. Samsung completed its acquisition of HVAC company FläktGroup on Nov. 6, 2025, and said it would operate as an independent subsidiary, keeping its name, management, personnel and facilities.
Reuters reported that Modine shares rose 29% in extended trading on Nov. 12 and put the company’s market value at $5.6 billion that day, citing LSEG data. Modine has an Analyst and Investor Day scheduled for Wednesday, Nov. 18, but has not said whether it will address the reported talks.
