Modine Announces Intention to Close Toledo, Ohio Facility.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 today that it has announced its intention to close its Toledo, Ohio facility within the next eight to nine months as current programs supported by this plant end. The facility manufactures automotive components and currently employs 16 individuals. The plant closure will not have a material effect on Modine's financial results. David B. Rayburn, Modine's President and Chief Executive Officer said, "The decision to close the facility was not made lightly. However, as we proceeded with our negotiations to re-bid the business that was produced in the plant we made the choice to no longer participate, as it was not going to meet the levels of profitability we, and our shareholders expect. We decided to focus management's time and shareholders' capital on more profitable business. Our goal remains to further diversify the company by customer, by market and by geography, and to reach our 11-13 percent ROACE ROACE Returns on Average Capital Employed goal through a cycle." Mr. Rayburn continued, "We sincerely thank the employees at the plant for their service and dedication to their jobs. They should be proud of the high quality products produced in the plant and the superior service they have provided to our customer." 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 approximately $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 more than 8,200 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.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. Forward-looking statements, including those regarding the benefits of Modine's cost savings plans are based upon Modine's current expectations. 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, international economic changes and challenges; continued market acceptance and demand for Modine's products and technologies; 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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