RACINE, Wisc., Oct. 5, 2021 /PRNewswire/ -- Modine
Manufacturing Company (NYSE: MOD or the "Company"), a diversified
global leader in thermal management technology and solutions, today
announced that Matt Powell has been
appointed General Manager, Heavy Duty Equipment ("HDE"). In this
role, Mr. Powell will lead the HDE business, excluding that portion
of the segment focused on electric vehicles ("EV"). As
previously announced, Modine created a separate business unit to
focus on the electric vehicle ("EV") business with a separate
leadership team. This realigned and refocused organizational
structure will allow Modine to actively market the Company's
current systems and develop new technologies associated with the EV
market while delineating and better focusing the Company's business
for our other markets. Joel T.
Casterton, who previously led the HDE segment, is leaving
Modine later this month to pursue other opportunities outside of
the Company.
Mr. Powell most recently served as the President and CEO of
Amcor, Inc., a privately-held manufacturer and distributor in the
plastics industry. Prior to that, Mr. Powell spent eight
years with Danaher Corporation, where he held roles of increasing
responsibility, including Vice President of Service Operations,
North America (Gilbarco
Veeder-Root) and various business development and marketing
leadership roles.
"I am very pleased to welcome Matt to the Modine team," said
Neil D. Brinker, President and CEO.
"The decision to separate the traditional powertrain cooling
business from our EV business signals a strategic shift for the
Company. As our customers continue to transition to electric
vehicles, we are investing more in the systems and technologies to
support these platforms. This means that we will begin to
deemphasize certain products for internal combustion engines as we
execute our 80/20 strategy of focusing Company resources on higher
growth, higher margin businesses to create a stronger Modine. Matt
is well suited to lead this process given his extensive
international experience dealing with organizational change."
The Company will retain the existing business segments through
the remainder of fiscal 2022. A portion of the Company's
current HDE business is expected to transition to EV over time and
the Company plans to shift resources and capital to this business,
which offers significantly higher growth potential and
margins. Mr. Powell will be focused on accelerating this
transition while improving the profitability and cash flow of the
remaining business. He will also evaluate alternatives for certain
portions of the business that are not strategic.
Brinker concluded, "I would like to thank Joel Casterton for his leadership of the HDE
segment and his many contributions to Modine. We wish him the
best in his future endeavors."
About Modine
Modine, with fiscal 2021 revenues of $1.8
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: BHVAC, CIS,
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.
Investor & Media Contact
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com
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SOURCE Modine Manufacturing Company