Attached files
| file | filename |
|---|---|
| 8-K - MODINE MANUFACTURING 8-K 12-21-2009 - MODINE MANUFACTURING CO | form8k.htm |
| EX-10.1 - EXHIBIT 10.1 - MODINE MANUFACTURING CO | ex10_1.htm |
| EX-10.3 - EXHIBIT 10.3 - MODINE MANUFACTURING CO | ex10_3.htm |
| EX-10.2 - EXHIBIT 10.2 - MODINE MANUFACTURING CO | ex10_2.htm |
Exhibit
99.1
FOR
IMMEDIATE RELEASE
Contact: Susan Fisher 262-636-8434 s.h.fisher@na.modine.com
Modine
Completes Sale of Korean Subsidiary to KB Synthetics
RACINE, WI, December 23, 2009
– Modine Manufacturing Company
(NYSE: MOD), a diversified global leader in thermal management technology
and solutions, today announced that it has completed the previously announced
sale of Modine Korea LLC, its Korean-based vehicular HVAC business, to KB
Synthetics based in Daegu, South Korea.
Commenting
on the transaction, Thomas F. Marry, Modine Regional Vice President – Asia and
Commercial Products, said, “We are pleased to have concluded the sale of Modine
Korea to KB Synthetics. We are grateful for the efforts of both the
Modine Korea and KB Synthetics organizations to move this to completion. We wish
the company much success and would like to express our appreciation to the
customers and employees of Modine Korea for their support, both in the past and
during the transition of the business ownership.”
Modine
expects that it will continue to be active in the Korean market with its
advanced powertrain cooling and engine products following an orderly transition
period with KB Synthetics. With this sale, Modine nears completion of
its strategic decision to exit the passenger thermal management (passenger
compartment HVAC) market.
About
Modine
Modine,
with fiscal 2009 revenues of $1.4 billion, 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, commercial heating, ventilation and
air conditioning equipment, off-highway and industrial equipment, refrigeration
systems, and fuel cells. The company employs approximately 7,000 people at 32
facilities worldwide in 15 countries. For more information about
Modine, visit www.modine.com.
Forward-Looking
Statements
This
press release contains statements accompanied by the phrase “expects” and other
similar “forward-looking” statements, as defined in the Private Securities
Litigation Reform Act of 1995. Modine’s actual performance may differ
materially from those expressed or implied in these statements because of risks
and uncertainties, including but not limited to the successful transfer of
powertrain cooling and engine products from Modine Korea to Modine and those
described under "Risk Factors" in Item 1A of Part I of Modine’s Annual Report on
Form 10-K for the year ended March 31, 2009 and under Forward-Looking Statements
in Item 7 of Part II of that same report, as revised by Exhibit 99.1 to Modine’s
Current Report on Form 8-K dated September 15, 2009, and under Forward-Looking
Statements in Item 2 of Part I of Modine’s Quarterly Reports on Form 10-Q for
the quarters ended June 30, 2009 and September 30, 2009. The company
does not assume any obligation to update any forward-looking
statements.
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