Modine's Newest Technology - a Fuel Cell, CO2 Idle Off Click below to learn about Modine's newest innovation for the trucking industry - the Idle Off Demonstrator. 5 min, 47 sec. Real (15 MB), WMP (20.5 MB), Quick (20.4 MB)
Modine's CO2 HVAC System Nominated for Secretary of Defense Award Click here to read about Modine's groundbreaking CO2 HVAC System being used by the U.S. Army.
Take a Virtual Tour of Modine's New Climatic Vehicular Wind Tunnel Click here to take a virtual tour of Modine's Wind Tunnel in Bonlanden, Germany.
What is Modine? Wherever thermal management is needed, Modine is there. Click a video link below to learn more about us. Real (2.7 MB), WMP (3.5 MB), Quick (4.3 MB)
Modine India Click here for more information about Modine India.
RightWay - Modine's Business Ethics Program Click here for the Modine Helpline.
HARRODSBURG, Ky.--(BUSINESS WIRE)--July 3, 2008--Modine
Manufacturing Company (NYSE:MOD), a diversified global leader in
thermal management technology and solutions, will be transferring
additional production to its plant here from its Camdenton, Missouri,
facility, one of those U.S.-based operations the company intends to
close over an 18- to 24-month period. With the new business, the
Harrodsburg plant's workforce is expected to double in size to
approximately 400 hourly and 40 salaried employees.
Production being transferred to Modine's Harrodsburg plant from
Camdenton consists of aluminum radiators, charge air coolers and oil
coolers for the off-highway market. The Harrodsburg facility
manufactures round tube plate fin, heat exchangers and heating,
ventilation and air conditioning (HVAC) modules and systems for
automotive, truck and off-highway applications. In February, the plant
received recognition from John Deere & Company as a Supplier of the
Year.
"We are excited about the opportunities the added production will
provide for our facility and our employees," said John R. Foutch,
Harrodsburg plant manager. "We expect the plant to be running 24 hours
a day, seven days a week when we've fully ramped up. In fact, we have
already started hiring for segments of the business that are in the
process of being transferred."
One skill set the Harrodsburg plant is especially interested in is
aluminum TIG (Tungsten Inert Gas) welders. The facility has made
recruiting these specialized employees a priority. The TIG process
generates heat via an arc of electricity that jumps from a tungsten
metal electrode to the metal surface intended to be welded. Aluminum
is the metal most frequently welded with the TIG process, particularly
in lighter gauges associated with automotive applications. The company
is working with the State of Kentucky for granting inducements in
connection with the anticipated costs incurred in expansion of the
Harrodsburg plant.
Foutch said the transition is being carried out in "a focused and
strategic manner" as operations at the Camdenton plant wind down.
"That will ensure a seamless flow of products to our customers. We
have great confidence that we will be able to integrate the production
effectively with our existing operations in the same manner that has
earned us outstanding customer recognition over the years."
In April, Modine announced its intention to close plants in
Camdenton, Logansport, Indiana, and Pemberville, Ohio, as well as its
Tubingen, Germany, facility. The intended closings and production
shifts are part of Modine's global restructuring program designed to
realign manufacturing operations, improve profitability and strengthen
global competitiveness. Realigning Modine's manufacturing footprint
should help the company achieve the scale it needs and provide greater
balance in plant capacity than currently exists. The closing of the
facilities is expected to result in $20 million to $25 million in
annualized savings when fully implemented. In addition to
manufacturing realignment, the restructuring plan calls for an
evaluation of Modine's product and business portfolio, greater
discipline in capital allocation and a continued focus on reducing
selling, general and administrative costs.
About Modine - www.modine.com
Modine, with fiscal 2008 revenues from continuing operations of
$1.8 billion, specializes in thermal management systems and
components, bringing highly engineered heating and cooling technology
and solutions to diversified global markets. Modine products are used
in light, medium and heavy-duty vehicles, HVAC (heating, ventilation
and air conditioning) equipment, industrial equipment, refrigeration
systems and fuel cells. Based in Racine, Wisconsin, the company
employs approximately 7,900 people worldwide at 33 facilities in 15
countries. For information about Modine, visit www.modine.com.
Forward-Looking Statements
Statements made in this press release regarding future matters are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on Modine's current expectations. The company's
actual results, performance or achievements may differ materially from
those expressed or implied in these statements because of certain
risks and uncertainties, including, but not limited to, the company's
ability to successfully implement its restructuring plans and drive
cost reductions as a result; the ability to maintain adequate
liquidity to carryout restructuring programs while investing for
future growth; its ability to continue to service its customers during
the implementation of any restructuring plan; the avoidance of
inefficiencies in the transition of products from plants to be closed
to plants continuing in operation; factors impacting the Original
Equipment - North America segment operating results; the ability of
the company, its customers and suppliers to achieve projected sales
and production levels; unanticipated product or manufacturing
difficulties; the company's ability to remain in compliance with its
debt agreements; international economic changes and challenges; and
other factors affecting the company's business prospects discussed in
filings made by the company, from time to time, with the Securities
and Exchange Commission including the factors discussed in Item 1A,
Risk Factors, and in the "Forward-Looking Statements" section in Item
7 of the company's most recent Annual Report on Form 10-K and its
quarterly reports on Form 10-Q. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events or otherwise, except as may be required by
law.
CONTACT: Modine Manufacturing Company
Susan Fisher, 262-636-8434
s.h.fisher@na.modine.com
RACINE, Wis.--(BUSINESS WIRE)--July 2, 2008--Modine Manufacturing
Company (NYSE: MOD), a diversified global leader in thermal management
technology and solutions, has received the 2008 Friend of Tourism
Award from the Racine County Convention and Visitors Bureau. The award
recognizes Modine's community involvement and specifically its
continued support of the Spirit of Racine Triathlon.
Kelli Trumbull, Secretary of Tourism, presented the award at a
special reception June 26 at the Radisson Hotel in Racine. Greg Troy,
Modine's Vice President and Chief Human Resources Officer accepted the
honor, along with Dr. Carol Potts, Director, Employee Health &
Wellness and a triathlon volunteer coordinator.
We are pleased to receive the Friend of Tourism Award, Troy
said. Good corporate citizenship is part of Modine's culture and we
take great pride in our efforts to make the Racine community a better
place to live and work. The Spirit of Racine Triathlon reflects that
commitment and our ongoing support for health and fitness.
The event has grown to be one of the best triathlons in the
country due to support of companies such as yours, said David Blank,
President and CEO of the Racine County Convention and Visitors Bureau,
in a message to Dr. Potts announcing that Modine had received the
award. Congratulations and thank you for your support of Racine
County tourism.
The Spirit of Racine Triathlon weekend will take place July 19 and
20. It comprises three events: The Women's Only Triathlon, July 19,
which features a 750-meter swim, 12.4-mile bike race and 3.1 mile run;
The Blue Wave Sprint Triathlon, also July 19, which includes the
750-meter swim, 12.4-mile bike race and 3.1 mile run; and the Spirit
of Racine Half Triathlon, July 20 which consists of a 1.2-mile swim
along North Beach, a 56-mile bike race through Racine County and a
13.1-mile run along the Lake Michigan coastline.
About Modine - www.modine.com
Modine, with fiscal 2008 revenues from continuing operations of
$1.8 billion, specializes in thermal management systems and
components, bringing highly engineered heating and cooling technology
and solutions to diversified global markets. Modine products are used
in light, medium and heavy-duty vehicles, HVAC (heating, ventilation
and air conditioning) equipment, industrial equipment, refrigeration
systems and fuel cells. Based in Racine, Wisconsin, the company
employs approximately 7,900 people worldwide at 33 facilities in 15
countries. For information about Modine, visit www.modine.com.
CONTACT: Modine Manufacturing Company
Susan Fisher, 262-636-8434
s.h.fisher@na.modine.com
RACINE, Wis.--(BUSINESS WIRE)--July 1, 2008--Modine Manufacturing
Company (NYSE: MOD), a diversified leader in thermal management
technology and solutions, announced today that its operation in Brazil
has received a Volkswagen Truck & Bus Supply Award 2007 for
outstanding support. Modine Brazil was awarded for Best Product
Development and was nominated in the Commercial Excellence category.
VW Truck & Bus is a market leader in Brazil, producing a complete
line of trucks - from eight tons to extra heavy-duty models - each
with a cooling package provided by Modine Brazil.
We are pleased to receive this prestigious award, which
recognizes our application engineering, tech center and operations
teams, said Scott Bowser, Managing Director - Modine Brazil. VW
Truck & Bus is a valued customer and we are committed to providing
excellent products and services to this fine organization. We take
great pride in being considered a top supplier.
Modine Brazil operates two plants in one location in Guarulhos,
Brazil. These facilities produce copper brass radiators, aluminum
brazed radiators, bar plate, charge air coolers, oil coolers, heating
and cooling modules and industrial equipment. Modine Brazil's
predecessor, Radiadores Visconde (RV), was founded in 1966 as an
aftermarket distribution company and started manufacturing in the
early 1980s. A joint venture was formed with Modine in 1998 and the
full acquisition took place in 2006. Since then the 1,000-employee
operation has experienced strong growth.
About Modine - www.modine.com
Modine, with fiscal 2008 revenues from continuing operations of
$1.8 billion, specializes in thermal management systems and
components, bringing highly engineered heating and cooling technology
and solutions to diversified global markets. Modine products are used
in light, medium and heavy-duty vehicles, HVAC (heating, ventilation
and air conditioning) equipment, industrial equipment, refrigeration
systems and fuel cells. Based in Racine, Wisconsin, the company
employs approximately 7,900 people worldwide at 33 facilities in 15
countries. For information about Modine, visit www.modine.com.
CONTACT: Modine Manufacturing Company
Susan Fisher - 262-636-8434
s.h.fisher@na.modine.com
RACINE, Wis.--(BUSINESS WIRE)--June 3, 2008--Modine Manufacturing
Company (NYSE: MOD), a diversified global leader in thermal management
technology and solutions, today announced that the company's Board of
Directors has approved changes in several senior-level management
positions. The action reflects Modine's increased emphasis on
strategic planning, financial discipline and operational excellence as
ways to improve competitiveness and overall performance.
The new positions approved by Modine's board are as follows:
Thomas C. Cromwell, Managing Director, Commercial Products
Group, has been promoted to Vice President. The promotion is
based on the global scope of Cromwell's position and his
leadership of the group, which has led to consistent,
profitable growth. This change also reflects Modine's focus on
growing this segment and further diversifying its overall
business model. Cromwell joined Modine in 1992 and has served
in numerous operations and global management positions,
including Automotive Operations Manager in Europe, General
Manager of Modine's Heavy Duty Business, General Manager of
Electronics Cooling and Managing Director of Commercial
Products Group. He has a bachelor's degree from the University
of Wisconsin - Platteville and is finishing his MBA at the
University of Wisconsin - Milwaukee.
Margaret C. Kelsey, formerly Vice President, Finance,
Corporate Treasury and Business Development, has been named
Vice President, Corporate Strategy and Business Development.
In this new position, Kelsey will analyze and consolidate
global product, brand, market, geographic and customer
strategies to ensure that Modine's financial and human
resources are deployed in a manner that best supports the
company's overall strategy and vision. In addition, she will
lead Modine's annual and five-year planning processes and
continue with her current responsibilities for business
development initiatives, including acquisitions, divestitures
and other similar activities. Kelsey joined Modine in 2001 as
Senior Counsel. She was promoted to Senior Counsel and
Assistant Secretary in 2002 and to her most recent role in
2006. Before joining Modine, she was a partner in the law firm
of Quarles & Brady, LLP. She received her bachelor's degree in
history from Mount Mary College, a law degree from Georgetown
University and an MBA from the University of Wisconsin -
Milwaukee.
Robert R. Kampstra, Corporate Controller, has been promoted to
Vice President and Corporate Controller in recognition of his
contributions to the finance function and overall level of
accountability, which spans global financial controls and
external reporting. Kampstra joined Modine in March 2006 and
was promoted to Corporate Controller in July of that year.
Before Modine, he held leadership positions with School
Specialty and PricewaterhouseCoopers LLP. Kampstra has a
bachelor's degree with an emphasis in accounting from the
University of Wisconsin - Whitewater and holds both Certified
Public Accountant and Certified Management Accountant
designations.
Michael B. Lucareli, formerly Managing Director, Financial
Operations, has been promoted to Vice President, Finance and
Corporate Treasurer, replacing Kelsey. In this role Lucareli
will assume the Corporate Treasurer role as well as
responsibility for regional and product-based financial
organizations. He joined Modine in 1999, serving in a variety
of management positions, including Director of Business
Development and Corporate Communications and Managing Director
of Financial Operations. Lucareli earned his bachelor's degree
in Economics from the University of Wisconsin - Madison and
his MBA from Loyola at Chicago. He also holds a Chartered
Financial Analyst (CFA) designation.
"These senior-level managers have contributed a great deal to
Modine over the years and we salute their achievements," said Thomas
A. Burke, Modine President and Chief Executive Officer in making the
announcement. "We are making these key leadership changes to
strengthen critical areas and drive our company forward. Our team will
play a larger role in our organization and help us focus our corporate
strategy more effectively and provide the discipline and leadership we
need to compete and grow in today's challenging business environment."
About Modine
Modine, with fiscal 2008 revenues of $1.85 billion, specializes in
thermal management systems and components, bringing highly engineered
heating and cooling technology and solutions to diversified global
markets. Modine products are used in light, medium and heavy-duty
vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems, and fuel
cells. The company employs approximately 7,900 people at 33 facilities
worldwide in 15 countries. For more information about Modine, visit
www.modine.com.
CONTACT: Modine Manufacturing Company
Susan Fisher - 262-636-8434
s.h.fisher@na.modine.com
Company Cites Increased Financial Flexibility and Support for Reinvestment in Growth During Restructuring Period
RACINE, Wis., May 27, 2008 (BUSINESS WIRE) -- Modine Manufacturing Company (NYSE:MOD), a diversified global
leader in thermal management technology and solutions, today announced
that its Board of Directors has authorized a reduction in the
company's quarterly cash dividend on its common stock to a rate 10
cents per share from 17.5 cents per share.
Commenting on the dividend action, Modine Non-Executive Chairman
Gary L. Neale said, "Although we continue to view the dividend as an
important component of total shareholder return, we believe a
reduction in the quarterly dividend is prudent at this time. This will
provide Modine additional financial flexibility and support
reinvestment for growth and restructuring over the next 18 to 24
months."
The 10 cent per share dividend will be paid June 20, 2008, to
shareholders of record as of June 6, 2008.
About Modine
Modine, with fiscal 2008 revenues of $1.8 billion, specializes in
thermal management systems and components, bringing highly engineered
heating and cooling technology and solutions to diversified global
markets. Modine products are used in light, medium and heavy-duty
vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems, and fuel
cells. The company employs approximately 7,900 people at 33 facilities
worldwide in 15 countries. For more information about Modine, visit
www.modine.com.
SOURCE: Modine Manufacturing Company
Modine Manufacturing Company
Susan Fisher, 262-636-8434
s.h.fisher@na.modine.com
