By Connor Hart

Modine Manufacturing entered a long-term capacity agreement with one of its data-center customers to supply it with more than $4 billion worth of its cooling products between 2027 and 2029.

Shares of Modine climbed 16%, to $301.67 in premarket trading Tuesday. Through Friday's close, the stock had nearly tripled in value over the past year.

The company said before the bell that the agreement solidifies its position as a provider of cooling technologies for the data-center market, as well as underscores the strength of its customer partnerships.

"This landmark agreement is a testament to the successful execution of our long-term strategy to grow our data centers business and validates our position as a technology leader," Chief Executive Neil Brinker said.

Modine noted it received a $165 million upfront cash payment from the undisclosed customer, supporting capacity investments and other expenditures needed to meet its commitments.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

May 26, 2026 07:38 ET (11:38 GMT)

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