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Summary
Shares of Modine Manufacturing (MOD) rose more than 29% in after-hours trading on Nov. 12, CNBC reported.
Bloomberg News reported that Samsung Electronics is in talks to acquire the data center cooling maker; Samsung said it was unable to confirm the report.
No final decision has been made and the talks could still fall apart, Seoul Economic Daily reported, citing Bloomberg.
Gotrade News - Modine stock surged more than 29% in after-hours trading on Thursday, Nov. 12, after Bloomberg News reported that Samsung Electronics is in talks to acquire Modine Manufacturing (MOD), a U.S. maker of data center cooling systems, according to CNBC. Samsung said it was unable to confirm the report.
Modine, based in Wisconsin, supplies heating and cooling systems for large commercial buildings and industrial machinery, and its fastest-growing unit serves hyperscalers building data centers, as reported by Seoul Economic Daily.
Regular-session close on November 12, 2026, New York time. Prices and changes: Yahoo Finance, cross-checked against the closing price on Nasdaq.com. Market cap: that close times the shares outstanding on the latest 10-Q or 10-K cover (SEC EDGAR).
Not yet. Bloomberg based its report on people familiar with the matter, and neither company has announced an agreement. Here is what CNBC and Seoul Economic Daily, both citing Bloomberg, reported about the talks:
Detail
What was reported
Status
In talks; no final decision has been made
Timing
A deal could come together as soon as the coming weeks
Risks
The talks could still fall apart, and another suitor could emerge
Samsung
Said it was unable to confirm the report
Modine
Did not immediately respond to CNBC's request for comment
Why Samsung Wants Data Center Cooling
The reported talks follow Samsung's 2025 purchase of Germany-based FläktGroup, a deal made to expand its presence in data center cooling, per CNBC.
According to Seoul Economic Daily, Samsung paid 1.5 billion euros for FläktGroup, which the paper described as Europe's largest HVAC company, in its first trillion-won-scale acquisition since Harman in 2017.
Rivals have been buying, too. Per Seoul Economic Daily, Vertiv bought PurgeRite for about $1 billion in December 2025, agreed to buy Thermokey in March 2026 and signed a deal for King Environmental Services in September, while Daikin bought Chilldyne and DDC Solutions in 2025.
Modine Data Center Sales Rose 95% in Fiscal Q2
Data centers are Modine's fastest-growing business. According to the company's results release on Nov. 3, Data Centers segment sales rose 95% to $439.7 million from $225.0 million a year earlier, driven by higher sales to hyperscale customers in North America. The release reported these figures for the second quarter of fiscal 2027:
Metric
Fiscal Q2 2027
Change vs. prior year
Net sales
$994.4 million
Up 35%
Data Centers segment sales
$439.7 million
Up 95%
Adjusted earnings per share
$1.35
Up 27%
"Data Centers and Commercial HVAC delivered strong quarters, with revenue growth of 95% and 23%, respectively."
Neil D. Brinker, Modine CEO, in the company's results release
Modine completed the spin-off of its Performance Technologies business on Oct. 1 and now expects fiscal 2027 net sales of $3.1 billion to $3.2 billion and adjusted EBITDA of $470 million to $500 million, excluding that business, per the release.
What the Samsung Talks Mean for Modine Stock
The after-hours jump came on a media report, not an announced agreement. Seoul Economic Daily reported that the shares had fallen about 15% since Modine released its quarterly results on Nov. 3, which fell short of investor expectations.
Neither company has disclosed an offer price or deal terms, and Bloomberg's sources said the talks could still collapse or draw a rival bidder, per Seoul Economic Daily.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms. His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
Hendrie Saputra holds a Master of Business Administration (MBA) with a concentration in Business Risk & Finance, along with professional experience in finance, marketing, and project management. He is experienced in analyzing market data and developing research-driven business strategies.
