Additional facility in Serbia will
manufacture coils for commercial and residential heat pump
applications.
RACINE, Wis., April 23, 2024 /PRNewswire/ -- Modine (NYSE:
MOD), a diversified leader in thermal management technologies and
solutions, officially marked the opening of a second facility in
Sremska, Serbia, to manufacture coils for commercial and
residential heat pump applications. Serbian Prime
Minister-designate Milos Vučević and U.S. Ambassador to Serbia
Christopher Hill were among the dignitaries who attended the grand
opening ceremony.
"We are honored that Prime Minister-designate Vučević and
Ambassador Hill could join us to celebrate this grand opening,"
said Neil D. Brinker, Modine President and CEO. "The new production
facility underscores Modine's commitment to investing in
technologies that reduce energy consumption and lower harmful
emissions, like heat pumps. Producing high-quality coils for
customers working to achieve sustainability objectives is one way
we're living our purpose of engineering a cleaner, healthier
world."
"We are excited to expand our manufacturing operations in Serbia
to serve our key customers in Europe and beyond," said Eric McGinnis, President, Climate Solutions at
Modine. "The market for heat pumps in Europe is poised for growth over the long term
to achieve climate targets. We want our manufacturing centers near
our key customers to provide best-in-class heat transfer
technology."
Modine has decades of experience manufacturing high-quality heat
transfer coils for HVAC contractors, integrators, distributors and
original equipment manufacturers. Modine opened its first facility
in Serbia in 2014 to manufacture heat transfer coils used primarily
in commercial refrigeration and HVAC applications. That facility
was expanded in 2019 to support growing demand. The new facility is
more than 18,000 m2
(197,000 ft2) and located next to the existing
plant.
"Our expanded footprint will allow Modine to efficiently serve
the current and future needs of our OEM partners as well as explore
additional growth opportunities," commented Mike Postma, Vice President, Heat Transfer
Products at Modine.
"We are proud to expand operations in Sremska," said Dejan
Nestorović, General Manager, Heat Pumps at Modine. "The good
economic environment and support from government agencies, industry
associations, and technical schools has contributed to our success.
Most importantly, however, are all the employees whose hard work
made this day possible. Thank you."
About Modine
At Modine, we are Engineering a Cleaner,
Healthier World™. Building on more than 100 years of excellence in
thermal management, we provide trusted systems and solutions that
improve air quality and conserve natural resources. More than
11,000 employees are at work in every corner of the globe,
delivering the solutions our customers need, where they need them.
Our Climate Solutions and Performance Technologies segments support
our purpose by improving air quality, reducing energy and water
consumption, lowering harmful emissions and enabling cleaner
running vehicles and environmentally-friendly refrigerants. Modine
is a global company headquartered in Racine, Wisconsin (U.S.), with operations in
North America, South America, Europe and Asia. For more information about Modine, visit
www.modine.com.
Investor Contact: Kathleen
Powers; kathleen.t.powers@modine.com; (262) 636-1687
Media Contact: pr@modine.com
Forward-Looking Statements
This press release
contains statements, including information about future financial
performance and market conditions, accompanied by phrases such as
"believes," "estimates," "expects," "plans," "anticipates,"
"intends," "projects," and other similar "forward-looking"
statements, as defined in the Private Securities Litigation Reform
Act of 1995. Modine'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 those described under "Risk Factors" in Item 1A
of Part I of the Company's Annual Report on Form 10-K for the year
ended March 31, 2023 and under
Forward-Looking Statements in Item 7 of Part II of that same report
and in the Company's Quarterly Report on Form 10-Q for the quarters
ended June 30, 2023, September 30, 2023, and December 31, 2023. Other risks and uncertainties
include, but are not limited to, the following: our ability to
complete the acquisition in a reasonable manner and timeframe, to
integrate the business successfully into Modine thereafter and to
harness the anticipated synergies associated with the acquisition;
the impact of potential adverse developments or disruptions in the
global economy and financial markets, including impacts related to
inflation, rising energy costs, along with supply chain challenges
or supplier constraints, tariffs, sanctions and other trade issues
or cross-border trade restrictions; the impact of other economic,
social and political conditions, changes and challenges in the
markets where we operate and compete, including foreign currency
exchange rate fluctuations, increases in interest rates or
tightening of the credit markets, recession, restrictions
associated with importing and exporting and foreign ownership,
public health crises, and the general uncertainties about the
impact of regulatory and/or policy changes, including those related
to tax and trade, the COVID-19 pandemic, the military conflict in
Ukraine and other matters, that
have been or may be implemented in the U.S. or abroad; the impact
of the COVID-19 pandemic on the national and global economy, our
business, suppliers, customers, and employees; the overall health
and pricing focus of our customers; our ability to successfully
execute our strategic and operational plans, including applying
80/20 principles to our business; our ability to effectively and
efficiently modify our cost structure in response to sales volume
increases or decreases and complete restructuring activities and
realize benefits thereon; our ability to fund our global liquidity
requirements efficiently and comply with the financial covenants in
our credit agreements; operational inefficiencies as a result of
program launches, unexpected volume increases or decreases, and
product transfers; the impact on Modine of any significant
increases in commodity prices, particularly aluminum, copper, steel
and stainless steel (nickel) and other purchased components and
related costs, and our ability to adjust product pricing in
response to any such increases; the nature of and Modine's
significant exposure to the vehicular industry and the dependence
of this industry on the health of the economy; our ability to
recruit and maintain talent in managerial, leadership, operational
and administrative functions and to mitigate increased labor costs;
our ability to protect our proprietary information and intellectual
property from theft or attack; the impact of any substantial
disruption or material breach of our information technology
systems; costs and other effects of environmental investigation,
remediation or litigation; and other risks and uncertainties
identified in our public filings with the U.S. Securities and
Exchange Commission. Forward-looking statements are as of the
date of this press release, and we do not assume any obligation to
update any forward-looking statements.
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SOURCE Modine