Modine Wins Programs to Supply Hyundai Kia Automotive Group with $143.0 Million in Heat Transfer Solutions for Various Commercial Vehicles.RACINE, Wis. -- Modine Manufacturing Company (NYSE NYSE See: New York Stock Exchange :MOD), a world leader in designing and developing heating and cooling solutions for a diversified group of markets, announced today it has won more than $143.0 million in various programs from Hyundai Kia Automotive Group Hyundai Kia Automotive Group was formed through the merging of South Korea's largest car company, Hyundai Motor Company, and the nation's 2nd largest car company, Kia Motors, in 1999, and is the world's 6th largest car company. based in Seoul, South Korea to supply parts for new Hyundai and Kia commercial vehicles. The $143.0 million is a combination of new and replacement business that is cumulative over five years and launches from the model years 2006 through 2008. The Modine heat transfer solutions that will be used include: APTC APTC Adler Power Torque Clutch (Ducati motorcycles) APTC Antiplatelet Trialists' Collaboration APTC Associació del Professorat de Tecnologia de Catalunya (Technology Teachers Catalonia Spain) (air-heated positive temperature coefficient Positive Temperature Coefficient (PTC) refers to materials that experience an increase in electrical resistance when their temperature is raised. Materials which have useful engineering applications usually show a relatively rapid increase with temperature, i.e. ) heaters; EGR EGR Engineering EGR Exhaust Gas Recirculation EGR Engineer EGR Early Growth Response EGR Extra Grace Required EGR Enhanced Gas Recovery EGR Embedded GPS Receiver EGR Emergency Generator Room (exhaust gas recirculation “EGR” redirects here. For other uses, see EGR (disambiguation). Exhaust gas recirculation (EGR) is a NOx (nitrogen oxide and nitrogen dioxide) reduction technique used in most gasoline and diesel engines. ) coolers; oil coolers; 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) systems; condensers; and charge air coolers. "This highlights the technological advancements we have made in our products to continue to fill Hyundai's need for increased performance and quality. Our employees have worked with Hyundai for the past 37 years, and Modine has continued that important relationship since we acquired the South Korean and Chinese facilities in 2004. We are looking forward to a long partnership with Hyundai," said Jerry Retallick, General Manager of Modine Asia. [TABLE OMITTED] These business wins support Modine's five-year cumulative average revenue growth rate goal of between nine and 13 percent. Components include four to six percent organic revenue growth with an additional five to seven percent revenue growth from selective acquisitions. About Modine Founded in 1916, with fiscal 2006 revenues from continuing operations 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, ventilating, 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. About Hyundai Established in 1967, Hyundai Motor Co. has grown into the Hyundai Kia Automotive Group which includes more two dozen auto-related subsidiaries and affiliates. Employing 68,000 people worldwide, Hyundai Motor posted US$26.1 billion in sales in 2004 (on a non-consolidated basis). Hyundai vehicles are sold in 193 countries through some 5000 dealerships and showrooms. Hyundai Motor Co. is a sponsor of the 2006 FIFA FIFA International Association Football Federation [French Fédération Internationale de Football Association] FIFA n abbr (= Fédération Internationale de Football Association) → FIFA f Germany World Cup. Further information about Hyundai Motor Co. and its products is available at http://www.hyundai-motor.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 a positive impact from new business programs, exploitation of technology, expansion into niche markets, incremental business and continuing market strength are based on 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, market acceptance and demand for products and technologies; successful launch by Modine of the above described program; success of the above described platform in which Modine's products are included; non-cancellation of the platform or Modine as a supplier; the ability of Modine, its customers and suppliers to achieve projected sales and production levels and avoid unanticipated product or manufacturing difficulties; 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 the "Cautionary Factors" section in Item 7 of the Company's most recent Annual Report on Form 10-K and its periodic reports on Form 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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