RACINE,
Wis., Feb. 27, 2025 /PRNewswire/ -- Modine
(NYSE: MOD), a diversified global leader in thermal management
technology and solutions, today announced $180 million in orders for Airedale by Modine™
data center cooling systems from a new customer that is a leading
AI infrastructure developer. The high capacity equipment are
purpose-built to meet the customer's objectives to provide
scalable, cost-effective and sustainable solutions for AI
applications by building large-scale, building-optimized data
centers. Airedale by Modine data center solutions are designed to
lower the total cost of ownership by delivering superior Power
Usage Effectiveness (PUE) through free-cooling technology and
advanced control systems. The products will be manufactured at
Modine's state-of-the-art facilities in Rockbridge, Virginia, and Grenada, Mississippi, with delivery expected
throughout 2025 and the first half of 2026.
"These initial orders from an important new customer demonstrate
the value provided by Airedale by Modine data center cooling
products, underscoring our strategic advantage in this market,"
said Eric McGinnis, President,
Climate Solutions. "We expect this to be a long-term partnership as
we support their significant growth objectives to develop some of
the largest, high-performance computing clusters in the world."
"Building relationships and delivering on promises are key to
meeting and exceeding our aggressive growth targets for this
business," added Neil D. Brinker,
President and Chief Executive Officer. "Our current order intake,
significant development funnel and this new business win provide us
with confidence in our ability to drive organic growth, and support
our expectation of delivering organic growth in excess of 30% in
our next fiscal year."
"We are excited to leverage our engineering expertise to provide
a fit-for-purpose solution that helps this important customer
achieve their objectives," said Art
Laszlo, Group Vice President, Data Centers at Modine.
"Airedale by Modine partners with our customers' to solve their
most complex challenges through customized solutions that are
meticulously engineered by our global Data Centers team to deliver
superior operating performance, efficiency, and reliability."
These substantial orders underscore Modine's
precision-engineering capabilities and commitment to providing
innovative and efficient thermal management solutions that meet the
rigorous demands of modern data centers.
For more information about Airedale by Modine solutions, please
visit www.airedale.com.
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.
Media Contacts:
UK: Nicola Ware | E:
nicola.d.ware@airedale.com | Tel: +44 113 2391000
US: pr@modine.com
Investor Contact:
Kathleen
Powers
(262) 636-1687
kathleen.t.powers@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,
2024 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,
2024, September 30, 2024, and
December 31, 2024. Other risks
and uncertainties include, but are not limited to, the following:
the impact of potential adverse developments or disruptions in the
global economy and financial markets, including impacts related to
inflation, energy costs, government incentive or funding programs,
supply chain challenges or supplier constraints, logistical
disruptions, 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, changes in interest rates, tightening
of the credit markets, recession or recovery therefrom,
restrictions associated with importing and exporting and foreign
ownership, public health crises, and the general uncertainties,
including the impact on demand for our products and the markets we
serve from regulatory and/or policy changes that have been or may
be implemented in the U.S. or abroad, including those related to
tax and trade, climate change, public health threats, and military
conflicts, including the conflicts in Ukraine and in the Middle East and tensions in the Red Sea; the
overall health and pricing focus of our customers; changes or
threats to the market growth prospects for our customers; our
ability to successfully realize anticipated benefits, including
improved profit margins and cash flow, from our strategic
initiatives and our application of 80/20 principles across our
businesses; our ability to be at the forefront of technological
advances and the impacts of any changes in the adoption rate of
technologies that we expect to drive sales growth; our ability to
accelerate growth organically and through acquisitions and
successfully integrate acquired businesses; our ability to
effectively and efficiently manage our operations in response to
sales volume changes, including maintaining adequate production
capacity to meet demand in our growing businesses while also
completing restructuring activities and realizing benefits thereof;
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 product or program
launches, unexpected volume increases or decreases, product
transfers and warranty claims; 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; 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 ("IT")
systems; the impact of a material weakness identified in our
internal controls related to IT system access in Europe on our financial reporting process;
costs and other effects of environmental investigation, remediation
or litigation and the increasing emphasis on environmental, social
and corporate governance matters; our ability to realize the
benefits of deferred tax assets; 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
