October 11, 2006—Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, announced it is forming a new Commercial Products Group that will combine the company’s Electronics Cooling and Commercial Heating, Ventilating, Air Conditioning and Refrigeration (CHVAC&R) divisions on a global basis.
This new group will continue to expand the company’s market presence in the electronics and HVAC markets, while taking advantage of cost reduction synergies resulting from the combination of the two businesses.
“During the past eighteen months, we have refocused our market approach in both the electronics and HVAC areas,” said David B. Rayburn, Modine President and Chief Executive Officer.
As announced in May, Modine closed its plant in Taiwan that served the personal computer and laptop markets, allowing the electronics cooling business to focus its efforts on advanced thermal solutions for other segments of the market including military, aerospace, servers and data center cooling.
Founded in 1916, with fiscal 2006 revenues from continuing operations of $1.6 billion, Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. Based in Racine, Wisconsin, the company employs approximately 9,000 people at 34 facilities with three technical centers worldwide. For information about Modine, visit the Web site.
