Racine-based Modine Manufacturing is at the center of reported takeover talks. Samsung Electronics is discussing a possible acquisition of the company, according to people familiar with the matter who spoke on condition of anonymity because the information is private.

Those people said a transaction could come together as soon as the coming weeks. They also said no final decision has been made, the talks could still fall apart, and another suitor could emerge. Representatives for both Samsung and Modine declined to comment.

Modine shares closed regular trading in New York on Thursday at $106.10, giving the company a market value of about $5.6 billion, then rose to more than $135 in late trading, a gain of 28%. The stock had fallen about 15% since Nov. 3, when quarterly results underwhelmed investors. Samsung shares rose as much as 3.9% in Seoul on Friday before paring gains, and are up 72% this year, giving Samsung a market value of about $910 billion.

Based in Racine, Modine makes heavy-duty cooling and heating systems for large commercial buildings and industrial machines. Its fastest-growing business serves hyperscalers that build data centers, and analysts noted its data center unit has grown 86% annually over the past three fiscal years. In October, the company spun off its automotive business to focus on thermal management.

A deal would fit a wider push for data center assets as artificial intelligence growth drives investment and acquisitions. Samsung has already expanded in thermal solutions, buying Germany-based FläktGroup Holding GmbH for €1.5 billion, about $1.7 billion, last year. Analysts said a Modine purchase could help Samsung diversify beyond its memory chip business into data center-related growth areas.