New capacity at existing Serbia location will
manufacture coils for commercial and residential heat pump
applications.
RACINE,
Wis., May 10, 2023 /PRNewswire/ -- Modine
Manufacturing Company (NYSE: MOD), a leading manufacturer of
heat transfer coils, is expanding operations at its current
location in Sremska, Serbia, to meet growing demand from the heat
pump market in Europe. When
complete later this year, the new facility will be a dedicated
manufacturer of coils for commercial and residential heat pump
applications.
"We are excited to expand our manufacturing operations in Serbia
to serve our key customers in Europe and beyond," said Eric McGinnis, President, Climate Solutions.
"The market for heat pumps is experiencing tremendous growth
in Europe and we want our
manufacturing centers closer to our key customers. Serving them
with best-in-class heat transfer technology that reduces energy
consumption and lowers harmful emissions is one way Modine lives
out our purpose of engineering a cleaner, healthier world."
The heat pump market in Europe
is experiencing significant double-digit growth. Government
regulation to reduce fossil fuel consumption and greenhouse gas
emissions across industries has led to increased policy support and
incentives to install heat pumps. The International Energy Agency
forecasts that annual heat pump sales in the European Union
alone will reach 7 million units by 2030, up from 2 million in
2021.
"The new production facility in Serbia underscores Modine's
commitment to providing the highest quality coils to our customers.
We look forward to working with our customers and suppliers as we
expand our operations in the region," said Modine Mike Postma, Vice President and General
Manager, Heat Transfer Products. "At the same time, we are proud to
be part of the Serbian business community and excited about the new
jobs we are creating."
Modine has decades of experience manufacturing high-quality heat
transfer coils for HVAC contractors, integrators, distributors and
original equipment manufacturers. Modine Serbia was established in
2014 to manufacture heat transfer coils used primarily in
commercial refrigeration and HVAC applications. Over the years the
facility received new investment and was expanded in 2019 to
support the growing heat pump market. The new facility will be
located next to the existing plant.
About Modine
At Modine, we are Engineering a Cleaner,
Healthier World™. Building on more than 100 years of excellence in
thermal management, we provide trusted systems and solutions that
improve air quality and conserve natural resources. More than
11,000 employees are at work in every corner of the globe,
delivering the solutions our customers need, where they need them.
Our Climate Solutions and Performance Technologies segments support
our purpose by improving air quality, reducing energy and water
consumption, lowering harmful emissions and enabling cleaner
running vehicles and environmentally-friendly refrigerants. Modine
is a global company headquartered in Racine, Wisconsin (U.S.), with operations in
North America, South America, Europe and Asia. For more information about Modine, visit
www.modine.com.
Media Contact: pr@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," "projects," 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, 2022 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 quarters ended June 30, 2022,
September 30, 2022, and December 31, 2022. Other risks and uncertainties
include, but are not limited to, the following: the impact of
potential adverse developments or disruptions in the global economy
and financial markets, including impacts related to inflation,
rising energy costs, along with supply chain challenges or supplier
constraints, tariffs, sanctions and other trade issues or
cross-border trade restrictions; the impact of other economic,
social and political conditions, changes and challenges in the
markets where we operate and compete, including foreign currency
exchange rate fluctuations, increases 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, the military conflict in
Ukraine and other matters, that
have been or may be implemented in the U.S. or abroad; the impact
of the COVID-19 pandemic on the national and global economy, our
business, suppliers, customers, and employees; the overall health
and pricing focus of our customers; our ability to successfully
execute our strategic and operational plans, including applying
80/20 principles to our business; our ability to effectively and
efficiently modify our cost structure in response to sales volume
increases or decreases and complete restructuring activities and
realize benefits thereon; our ability to fund our global liquidity
requirements efficiently and comply with the financial covenants in
our credit agreements; operational inefficiencies as a result of
program launches, unexpected volume increases or decreases, and
product transfers; the impact on Modine of any significant
increases in commodity prices, particularly aluminum, copper, steel
and stainless steel (nickel) and other purchased components and
related costs, 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; our ability to
recruit and maintain talent in managerial, leadership, operational
and administrative functions and to mitigate increased labor costs;
our ability to protect our 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 in our public filings with the U.S. Securities and
Exchange Commission. Forward-looking statements are as of the
date of this press release, and we do not assume any obligation to
update any forward-looking statements.
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SOURCE Modine Manufacturing Company