Charles P. Cooley Elected to Modine's Board of Directors.RACINE, Wis. -- Modine Manufacturing Company (NYSE NYSE See: New York Stock Exchange :MOD), a global leader in designing and developing heating and cooling solutions for a diversified group of markets announced that, effective today, Charles P. Cooley has been elected to its Board of Directors. He is Senior Vice President and Chief Financial Officer of The Lubrizol Corporation. The Board expanded from nine members to ten with the addition of Mr. Cooley. He will stand for election to the Board by the company's shareholders in July 2007, with the intention of filling the post slated to be vacated by Mr. Richard J. Doyle, who will be retiring from Modine's Board of Directors at that time. It is anticipated that Mr. Cooley will become Chair of the company's Audit Committee, filling a role as an "audit committee financial expert" following Doyle's retirement from the Board. In commenting on the election, Mr. Michael T. Yonker, Chair of Modine's Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and Nominating Committee A nominating committee is a group formed usually from inside the membership of an organization for the purpose of nominating candidates for office within the organization. It works similarly to an electoral college, the main difference being that the available candidates, either said, "We are delighted to have someone of Charlie's caliber join Modine's Board. His depth and breath of financial experience leading organizations in today's highly competitive international environment will provide valuable insight and perspective that will be a great help to the Modine Board as we work with Modine's management team to drive improved financial performance." Charles P. Cooley has a distinguished career with increasing levels of financial experience for several international companies, including The Lubrizol Corporation, in his current role as Chief Financial Officer, the Atlantic Richfield Company (ARCO) and Manufacturers Hanover Trust Company. He earned his B.A. in Philosophy from Yale University Yale University, at New Haven, Conn.; coeducational. Chartered as a collegiate school for men in 1701 largely as a result of the efforts of James Pierpont, it opened at Killingworth (now Clinton) in 1702, moved (1707) to Saybrook (now Old Saybrook), and in 1716 was and his M.B.A. from the Amos Tuck School of Business at Dartmouth College, in Hanover, New Hampshire Hanover is a town located on the Connecticut River in Grafton County, New Hampshire, United States. The population was 10,850 at the 2000 census. It is best known as the home of Dartmouth College. . Founded in 1916, with fiscal 2006 revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the 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 (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free (heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. , and air conditioning) equipment, industrial equipment, refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. systems, fuel cells, and electronics. Based in Racine, Wisconsin, the company has approximately 9,000 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com. The Lubrizol Corporation (NYSE: LZ) is an innovative specialty chemical company that produces and supplies technologies that improve the quality and performance of its customers' products in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Lubrizol's industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers' products, while reducing their environmental impact. With headquarters in Wickliffe, Ohio, The Lubrizol Corporation, a Fortune 500 company, owns and operates manufacturing facilities in 20 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 6,900 employees worldwide. Revenues for 2005 were $3.6 billion, excluding operations discontinued in 2006, the company had 2005 revenues of $0.4 billion. For more information, visit www.lubrizol.com. Statements made in this press release regarding future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual activities may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including ordinary course elections and other factors affecting Modine's business prospects discussed in filings made by Modine, from time to time, with the SEC including the factors discussed in Item 1A, Risk Factors, and the "Cautionary Factors" section in Item 7 of the Company's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its periodic reports on Form 10-Q Form 10-Q See 10-Q. . We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. |
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