RACINE, Wis., Nov. 5, 2020 /PRNewswire/ -- Modine
Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, today announced that
its Board of Directors has authorized the repurchase of up to
$50 million of its common stock over
the next two years. The authorization does not require the
repurchase of shares, or of a specific number of shares.
Decisions to repurchase shares or suspend the program will be made
at the Company's discretion, based on a number of factors,
including ongoing assessments of the capital needs of the business,
share price, and general market conditions.
"Our Board of Directors and management team are confident in the
future of our business and in our ability to continue to execute on
our strategic objectives," said Modine Interim Chief Executive
Officer, Michael B. (Mick) Lucareli.
"We believe our disciplined capital allocation methodology
will allow us to continue to de-lever our balance sheet while
returning value to our shareholders both through execution of our
growth strategy and through opportunistic repurchases."
About Modine
Modine, with fiscal 2020 revenues of $2.0
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 four complementary segments: CIS; BHVAC;
HDE; and Automotive. Modine is a global company headquartered in
Racine, Wisconsin (USA), with
operations in North America,
South America, Europe and Asia. 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,
2020 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 quarter ended June
30, 2020. Other risks and uncertainties include, but
are not limited to, the following: the impact of the COVID-19
pandemic on the national and global economy, our business,
suppliers, customers, and employees; the overall health and
price-down focus of Modine's customers; our ability to successfully
execute our strategic and operational plans, including our ability
to successfully exit the automotive business; our ability to
effectively and efficiently reduce our cost structure in response
to sales volume declines and complete restructuring activities and
realize benefits thereon; our ability to comply with the financial
covenants in our credit agreements and to fund our global liquidity
requirements efficiently, particularly in light of the volatility
and negative impacts to the financial markets resulting from
COVID-19; operational inefficiencies as a result of program
launches, unexpected volume increases, product transfers, and
delays or inefficiencies resulting from restrictions imposed in
response to the COVID-19 pandemic; economic, social and political
conditions, changes and challenges in the markets where Modine
operates and competes, including foreign currency exchange rate
fluctuations, tariffs (and potential trade war impacts resulting
from tariffs or retaliatory actions), inflation, changes 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 and other
matters, that have been or may be implemented in the U.S. or
abroad, and continuing uncertainty regarding the impacts of
"Brexit"; the impact on Modine of any significant increases in
commodity prices, particularly aluminum, copper, steel and
stainless steel (nickel) and other purchased component inventory,
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; the concentration of sales within our CIS
segment attributed to one customer; Modine's ability to recruit and
maintain talent in managerial, leadership, and administrative
functions; Modine's ability to protect its 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 by the Company in public filings with the
U.S. Securities and Exchange Commission. Forward-looking
statements are as of the date of this release, and the Company does
not assume any obligation to update any forward-looking
statements.
Investor & Media Contact
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com
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SOURCE Modine Manufacturing Company