RACINE, Wis., Aug. 10, 2017 /PRNewswire/ -- Modine
Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, today announced that
it has terminated the public offering of shares of its common stock
previously announced on August 9,
2017. The termination results from an assessment by the
Company's management that current equity market conditions are not
conducive for an offering on terms that would be in the best
interests of the Company's shareholders. As a result of such
termination, no shares will be sold pursuant to the offering.
The offering was being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission on June 9, 2017. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Company's common stock or any
other securities, and there shall not be any offer, solicitation or
sale of securities mentioned in this press release in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such any state or jurisdiction.
About Modine
Modine, with fiscal 2017 revenues of $1.5
billion, specializes in thermal management systems and
components, bringing highly engineered heating and cooling
components, original equipment products, and systems to diversified
global markets through its three complementary business
units: Vehicular Thermal Solutions (VTS); Commercial &
Industrial Solutions (CIS); and Building HVAC Systems
(BHVAC). Modine is a global company headquartered in
Racine, Wisconsin (USA), with
operations in North America,
South America, Europe, Asia
and Africa. For more information
about Modine, visit www.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," 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,
2017 and under Forward-Looking Statements in Item 7 of Part
II of that same report and in the Company's Quarterly Report on
From 10-Q for the quarter ended June 30,
2017. Other risks and uncertainties include, but are not
limited to, the following: Modine's ability to integrate the former
Luvata HTS operations into Modine, to harness the anticipated
synergies associated with the transaction, and to achieve projected
cash flows sufficient to enable Modine to maintain a desirable
leverage ratio; the overall health and price-down focus of Modine's
customers, particularly in light of economic and market-specific
challenges; uncertainties regarding the costs and benefits of
Modine's restructuring activities; operational inefficiencies as a
result of program launches, unexpected volume increases and product
transfers; economic, social and political conditions, changes and
challenges in the markets where Modine operates and competes,
including foreign currency exchange rate fluctuations (particularly
the value of the euro, Brazilian real and British pound relative to
the U.S. dollar), tariffs, inflation, changes in interest rates,
recession, restrictions associated with importing and exporting and
foreign ownership, and in particular the economic and market
conditions in Brazil and
China, the remaining economic
uncertainties in certain markets in North
America, and the general uncertainties about the impact of
potential regulatory and/or policy changes in the U.S. as a result
of a change in administration, and continuing uncertainty regarding
"Brexit"; the impact on Modine of any significant increases in
commodity prices, particularly aluminum and copper, and our ability
to pass these prices on to customers; Modine's ability to
successfully execute its strategic and operational plans; the
nature of and Modine's significant exposure to the vehicular
industry and the dependence of this industry on the health of the
economy; the concentration of sales within our CIS segment
attributed to one customer, and our ability to manage troughs and
take advantage of peaks; costs and other effects of environmental
investigation, remediation or litigation; and other risks and
uncertainties identified by the Company in public filings with the
U.S. Securities and Exchange Commission. The Company does not
assume any obligation to update any forward-looking statements.
Contact: Kathleen T. Powers 262-636-1687
k.t.powers@na.modine.com
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SOURCE Modine Manufacturing Company