RACINE, Wis., Could 3, 2021 /PRNewswire/ — Modine Manufacturing Firm (NYSE: MOD or the “Firm”), a diversified international chief in thermal administration expertise and options, right now introduced that it has accomplished the sale of its Austrian air-cooled automotive enterprise to Schmid Metall GmbH, an affiliate of Rupert Fertinger GmbH.
“The exit of the automotive enterprise is a crucial and mandatory element of our transformation, and finishing this transaction is an effective first step to this course of,” mentioned Modine Chief Government Officer, Neil D. Brinker. “This sale permits us to keep away from the prices related to persevering with to run this enterprise together with future liabilities and capital investments. This permits us to raised align our assets round our greatest alternatives in our strongest and most tasty markets.”
This announcement represents one portion of the automotive section and follows the sooner introduced settlement to promote the liquid-cooled automotive enterprise to Dana Included. That transaction is pending regulatory approvals.
Modine, with fiscal 2020 revenues of $2.0 billion, makes a speciality of thermal administration programs and elements, bringing extremely engineered heating and cooling elements, unique gear merchandise, and programs to diversified international markets via its 4 complementary segments: CIS; BHVAC; HDE; and Automotive. Modine is a worldwide firm headquartered in Racine, Wisconsin (USA), with operations in North America, South America, Europe and Asia. For extra details about Modine, go to www.modine.com.
This press launch incorporates statements, together with details about future monetary efficiency and market situations, accompanied by phrases equivalent to “believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,” and different related “forward-looking” statements, as outlined within the Non-public Securities Litigation Reform Act of 1995. Modine’s precise outcomes, efficiency or achievements could differ materially from these expressed or implied in these statements due to sure dangers and uncertainties, together with, however not restricted to these described below “Threat Components” in Merchandise 1A of Half I of the Firm’s Annual Report on Kind 10-Ok for the 12 months ended March 31, 2020 and below Ahead-Wanting Statements in Merchandise 7 of Half II of that very same report and within the Firm’s Quarterly Stories on Kind 10-Q for the quarters ended June 30, September 30, and December 31, 2020. Different dangers and uncertainties embody, however should not restricted to, the next: the affect of the COVID-19 pandemic on the nationwide and international economic system, our enterprise, suppliers, clients, and workers; the general well being and price-down focus of Modine’s clients; our means to efficiently execute our strategic and operational plans, together with our means to efficiently full the pending sale of our liquid-cooled automotive enterprise, together with the receipt of governmental and third-party approvals and satisfaction of different closing situations, and our means to efficiently exit our different automotive companies; our means to successfully and effectively scale back our value construction in response to gross sales quantity declines and full restructuring actions and understand advantages thereon; our means to adjust to the monetary covenants in our credit score agreements and to fund our international liquidity necessities effectively; operational inefficiencies on account of program launches, sudden quantity will increase, product transfers, and delays or inefficiencies ensuing from restrictions imposed in response to the COVID-19 pandemic; financial, social and political situations, adjustments and challenges within the markets the place Modine operates and competes, together with international forex trade price fluctuations, tariffs (and potential commerce warfare impacts ensuing from tariffs or retaliatory actions), inflation, adjustments in rates of interest or tightening of the credit score markets, recession, restrictions related to importing and exporting and international possession, public well being crises, and the final uncertainties in regards to the affect of regulatory and/or coverage adjustments, together with these associated to tax and commerce, the COVID-19 pandemic and different issues, which have been or could also be applied within the U.S. or overseas, and persevering with uncertainty relating to the impacts of “Brexit”; the affect on Modine of any vital will increase in commodity costs, notably aluminum, copper, metal and chrome steel (nickel) and different bought elements, and our means to regulate product pricing in response to any such will increase; the character of and Modine’s vital publicity to the vehicular business and the dependence of this business on the well being of the economic system; the focus of gross sales inside our CIS section attributed to at least one buyer; Modine’s means to recruit and preserve expertise in managerial, management, and administrative features; Modine’s means to guard its proprietary data and mental property from theft or assault; the affect of any substantial disruption or materials breach of our data expertise programs; prices and different results of environmental investigation, remediation or litigation; and different dangers and uncertainties recognized by the Firm in public filings with the U.S. Securities and Trade Fee. Ahead-looking statements are as of the date of this launch, and the Firm doesn’t assume any obligation to replace any forward-looking statements.
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