Modine to Develop Exhaust-Gas-Recirculation Cooler Technology; Move Expected to Add $50 Million to Company's Annual Revenues.Business Editors RACINE, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Dec. 20, 1999 Modine Manufacturing Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MODI MODI Microsoft Office Document Imaging ) expects significant growth in the next four years, part of which will come from its entry in a new product category - exhaust-gas-recirculation (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 ) coolers. The EGR technology is expected to generate $50 million annually in new business partnerships for Modine within five years. Modine, a leading supplier of heat-transfer systems and products, including oil coolers and charge-air coolers for the global engine market, is introducing EGR cooler technology to help diesel-engine manufacturers reduce emissions to meet new government regulations. EGR systems are included among anticipated engine changes. Cooling of the recirculated exhaust gas Exhaust gas is flue gas which occurs as a result of the combustion of fuels such as natural gas, gasoline/petrol, diesel, fuel oil or coal. It is discharged into the atmosphere through an exhaust pipe or flue gas stack. helps to produce an optimum emissions benefit. Modine has been selected by key development partners to provide the advanced engine exhaust cooling technology. Partners include major passenger-car and truck diesel-engine manufacturers in both Europe and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "Modine has employed significant technological resources in both North America and Europe to develop leading-edge EGR cooler technology," said Anthony C. DeVuono, Vice President, Technical Services. "Our development partners can comply with new emission regulations with the best cost-effective solution for the industry, and Modine will continue to develop state-of-the-art product technology to meet evolving market needs." Modine is positioned to lead the implementation of EGR cooling and the development of additional heat-transfer solutions that contribute to the reduction of emissions for the diesel-engine market. The company has addressed stringent durability, corrosion, and fouling factors during the development of the technology and has leveraged its expertise in heat-transfer surfaces and process technology to generate the innovative EGR cooler designs. To help this development, Modine recently added a new technical center in Racine that includes engine test-cells and is duplicating this capability in Europe over the next three years. The EGR cooler technology developed by Modine can be tailored to different technical and application requirements that exist in various diesel-engine market segments. Modine's EGR technology could also be applicable to gasoline engines gasoline engine: see internal-combustion engine. gasoline engine Most widely used form of internal-combustion engine, found in most automobiles and many other vehicles. , if the need arises. The Modine EGR core design allows packaging flexibility desired by engine and vehicle manufacturers, which will minimize the cost of the cooled EGR system. The market for diesel-powered vehicles continues to grow. In Europe, sales of diesel-powered passenger-cars are projected to account for 30 percent of the market by 2002 (4.4 million units), an increase of more than 20 percent from 1998 volume. Combined with the continued strength of the on-highway truck markets in both Europe and North America, the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. market potential for Modine from the introduction of EGR cooler products is significant. Modine is a world leader at solving heating and cooling problems in vehicles, buildings, and off-highway and industrial equipment. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about sales and operations in this news release involve both risks and uncertainties, as detailed on page 17 of Modine's Annual Report for fiscal 1999. |
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