Dana Inc. has signed a definitive agreement to purchase a portion of the thermal-management business of Modine Manufacturing Co.’s automotive segment.

Dana says the transaction will strengthen Dana’s Power Technologies business unit. The agreed purchase price is $1 with the assumption of certain financial liabilities. Subject to customary regulatory approvals and other closing conditions, the transaction is expected to be completed in the first half of 2021 and will be consolidated within Dana’s Power Technologies segment.

Dana adds that the acquisition balances the company’s current product portfolio by extending its offerings in chillers and water-charged air coolers, adding exhaust-gas recirculation and expanding its manufacturing process capabilities.

This acquisition includes eight major facilities with operations in China, Germany, Hungary, Italy, the Netherlands and the U.S.