Modine India Opens New Manufacturing Operations;Facility Will Serve Growing Domestic Vehicle Production - MarketWatch

Modine Manufacturing Company (MOD:
Modine Manufacturing Company
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Last: 6.25+0.54+9.46%4:04pm 11/13/2008Delayed quote data
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MOD 6.25, +0.54, +9.5%) , a diversified leader in thermal management technology and solutions, announced today the opening of its manufacturing operations in Chennai, India. The Chennai facility supports Modine's global expansion objectives and will serve India's rapidly growing engine, commercial vehicle, and off highway markets.
The 80,000 square-foot state-of-the-art manufacturing site, located in the southeastern section of India, will provide Modine-developed thermal management solutions to that nation's domestic engine, commercial vehicle, and off-highway markets as demand grows. With an initial 75 employees, Modine's Chennai facility will serve as a base from which the company can expand its extensive engine and powertrain cooling product lines to new markets. This supplements the 2007 opening of Modine's India engineering and design center, which supports product development activities to meet increasing customer technology requirements.
"We are pleased to be in our facility and continue the preparations for production launch activities scheduled for December 2009," said Jerry Kapoor, Managing Director, Modine India. "The smooth startup reflects Modine's commitment to the region, the excellent cooperation of our local and global employees and our determination to be a major player in this important market. With our manufacturing operations starting shortly, we have begun work on several product launches for key customers. These programs should position us well to serve major Indian engine and commercial vehicle makers and play a significant role in India's growing industrial economy."
Modine announced its three-year, $14 million investment to build the greenfield Indian facility in December 2006 as part of its strategic plan to meet global product demand and increase its presence in the expanding Asian market. The Chennai operations offer customers a one-stop solution to their thermal management needs. As the fifth largest commercial vehicle market in the world with a five-year growth of 27 percent and 15 of the world's major auto makers present, India represents a wealth of opportunities for Modine.
"The opening of our Chennai facility marks a giant step in Modine's evolution as a global supplier that can provide technologically differentiated products and systems wherever our customers are located," said Tom Marry, Regional Vice President -- Asia. "The Indian market offers a very interesting group of local companies who are actively implementing plans to become more international, as well as global companies who are expanding into the rapidly growing marketplace. In both cases, Modine is very well positioned with market specific products, manufacturing capability, and our in country management team to support these opportunities. We look forward to leveraging Modine India's experience and capabilities."
About Modine -- www.modine.com
Modine, with fiscal 2008 revenues from continuing operations of $1.9 billion, 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 and air conditioning) equipment, industrial equipment, refrigeration systems and fuel cells. Based in Racine, Wisconsin, the company employs approximately 7,900 people worldwide at 33 facilities in 15 countries. For information about Modine, visit www.modine.com.