RACINE, Wis., May 3, 2021 /PRNewswire/ -- Modine Manufacturing
Company (NYSE: MOD or the "Company"), a diversified global leader
in thermal management technology and solutions, today announced
that it has completed the sale of its Austrian air-cooled
automotive business to Schmid Metall GmbH, an affiliate of Rupert
Fertinger GmbH.
"The exit of the automotive business is an important and
necessary component of our transformation, and completing this
transaction is a good first step to this process," said Modine
Chief Executive Officer, Neil D.
Brinker. "This sale allows us to avoid the costs associated
with continuing to run this business along with future liabilities
and capital investments. This allows us to better align our
resources around our best opportunities in our strongest and most
attractive markets."
This announcement represents one portion of the automotive
segment and follows the earlier announced agreement to sell the
liquid-cooled automotive business to Dana Incorporated. That
transaction is pending regulatory approvals.
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 Reports on
Form 10-Q for the quarters ended June
30, September 30, and
December 31, 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 complete the pending sale of our
liquid-cooled automotive business, including the receipt of
governmental and third-party approvals and satisfaction of other
closing conditions, and our ability to successfully exit our other
automotive businesses; 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; 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 components, 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