New Ideas Win Modine Long Term Partnership with International and ``Diamond Supplier'' Award.
RACINE, Wis.--(BUSINESS WIRE)--Feb. 23, 2004
Modine Manufacturing Company (NASDAQ:MODI) announced today it has been awarded a major contract with International Truck and Engine Corporation, providing all its power train cooling systems starting in 2007. This is in addition to the engine cooling, heating and air conditioner systems (HVAC) for all Blue Diamond LCF (Low Cab Forward) trucks, a program scheduled to launch in early 2005. Because of Modine's design, research, and follow-through, International Truck and Engine designated Modine a "Diamond Supplier" for its power train cooling, and HVAC systems, an honor bestowed on only a small percentage of suppliers.
"This is great for Modine, solidifying a successful partnership with International. Because of our 13 year relationship with International we understand how to launch programs on budget, on time, meeting the specifications that our customers require," said Scott Bowser, Modine's General Sales Manager of the Truck Division. "This will extend our partnership into at least 2010,"added Bowser.
The emissions program starting in 2007 will include all International heavy, medium and Blue Diamond trucks. International continued this partnership because of Modine's ability to adapt to new business practices. "Modine utilizes world class, best practices in production, design, quality, and delivery, becoming an extension of our own engineering and assembly facilities," said Paul Olejniczak, International Supply Manager - Purchasing and Logistics.
The Blue Diamond Truck will include a module with some of Modine's latest state of the art heat transfer technology. The system will have an aluminum CF (counter flow) evaporator that was derived from Modine's extensive research and development of CO2 air conditioning systems. The new CF evaporator has 50% less weight than round tube/plate fin evaporators commonly used in truck applications. It also consumes 40% less space than standard round tube/plate fin product.
"It's lighter and takes up less space, a perfect combination for the low cab forward truck," according to Bowser. The HVAC module, consisting of a radiator, charge air cooler, and a frame, will be produced in the "Just in Sequence" system that Modine has perfected over the years. Modine began the "Just in Sequence" process in car manufacturing, and has won several national honors from its Toledo, OH facility. Deliveries there are 100% on time, and have a near perfect rate for acceptance.
The condensers for International are made at Modine's McHenry, Illinois facility, the radiators from the Trenton, Missouri plant, the charge air coolers from Lawrenceburg, Tennessee and the oil coolers from Nuevo Laredo, Mexico.
International gives the "Diamond Award" for attaining a new level of commitment and dedication to the business. "Modine reached this status by being the cooling systems solutions leader, by bringing new products to market, by committing to continuous improvement, and by delivering products designed to delight the customer," said Ann Farrell, Vice President-Purchasing, International.
At Modine we are turning ideas into solutions. "We're proud of the honor. We earned it by working with International over the years, and making their business goals, our business goals," said Bowser.
Modine specializes in thermal management, bringing heating and cooling technology to diversified markets, employing nearly 8,000 people at 34 production facilities worldwide. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilating, air conditioning) equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. Modine can be found on the Internet at www.modine.com.
International Truck and Engine Corporation is the operating company of Navistar International Corporation (NYSE: NAV). The company produces International(R) brand commercial trucks, mid-range diesel engines and IC brand school buses and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. Additional information is available at www.internationaldelivers.com.
This news release contains statements, including information about future financial performance, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "will," "intends," 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, which are identified on page 25 of the Company's 2003 Annual Report to Shareholders and other recent Company filings with the Securities and Exchange Commission. In addition, this news release contains a forward-looking statement regarding incremental business. Because of the developmental nature of this incremental business, this forward-looking statement is particularly subject to a number of risks and uncertainties, including international economic changes and challenges; market acceptance and demand for new products and technologies, and the ability of Modine, its customers and suppliers to achieve projected sales and production levels; and unanticipated product or manufacturing difficulties. Modine does not assume any obligation to update any of these forward-looking statements.
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 23, 2004|
|Previous Article:||Vocent Announces Support for the RSA SecurID Authentication Solution; System Leverages Voice Biometrics for Secure Self-Service Resets of RSA SecurID...|
|Next Article:||M&A Transaction Activity in the Education Industry Surged in 2003; Reaches Record Highs.|