The new facility in Chennai will
manufacture Airedale by Modine™ advanced cooling technologies and
also cooling modules for stationary power generation
equipment
RACINE, Wis.,
Jan. 7,
2025 /PRNewswire/ -- Modine (NYSE: MOD), a
diversified global leader in thermal management technology and
solutions, announced plans to open a new facility in Chennai, India, in mid-2025 to meet increased
demand for mission-critical cooling solutions used at data centers.
The facility will manufacture data center cooling equipment under
the Airedale by Modine™ brand, and also cooling
modules for stationary power generation equipment. This expansion
follows the recent opening of new manufacturing facilities in
Calgary, Canada, and Bradford, UK in response to data center
industry demand.
"This strategic expansion of two Modine businesses in
India is an example of how we are
driving growth by capturing the mega-trends connected to
high-performance computing and AI," said Neil D. Brinker, President and CEO. "By
increasing capacity and establishing production facilities in
India, we are in a strong position
to provide a range of highly engineered enabling technologies to
the data center industry."
Data center investment in India
has accelerated in recent years. In addition to having a growing
economy that is driving demand for data, the availability of
skilled labor and local investment in enhanced connectivity to
Africa, Asia, and the Middle
East make India an
increasingly attractive market. Several data center hyperscale and
colocation companies have already invested in India and need technologies to cool everything
from the campus power infrastructure to inside the data center
hall.
"India is a key part of our
growth strategy to meet customer demand in India, Asia,
and the Middle East," said
Art Laszlo, Group Vice President,
Global Data Centers. "Airedale by Modine invests heavily in
research and development to design technologies that are suitable
for all regions and plants. We solve our customers' most critical
data center cooling challenges with tailored solutions from just
outside the data center hall to the rack."
"Our cooling modules enhance the performance and efficiency of
the stationary power generation units that serve as primary and
back-up power and support load management on a data center campus,"
said Matthew Powell, Vice President
and General Manager, Air-Cooled Applications. "We're already
supplying customers globally and this additional capacity expands
our manufacturing footprint so we can fulfill new global orders by
this summer."
This will be Modine's second facility in India. Modine Thermal Systems India opened in
2007 and designs and manufactures cooling modules for off-highway
and commercial vehicles, and power generation equipment.
For more information about Airedale by Modine solutions, please
visit www.airedale.com.
About Modine
At Modine, we are Engineering a Cleaner,
Healthier World™. Building on more than 100 years of excellence in
thermal management, we provide trusted systems and solutions that
improve air quality and conserve natural resources. More than
11,000 employees are at work in every corner of the globe,
delivering the solutions our customers need, where they need them.
Our Climate Solutions and Performance Technologies segments support
our purpose by improving air quality, reducing energy and water
consumption, lowering harmful emissions and enabling cleaner
running vehicles and environmentally-friendly refrigerants. Modine
is a global company headquartered in Racine, Wisconsin (U.S.), with operations in
North America, South America, Europe and Asia. For more information about Modine, visit
www.modine.com.
Media Contacts:
UK: Nicola Ware | E:
nicola.d.ware@airedale.com | Tel: +44 113 2391000
US: pr@modine.com
Investor Contact:
Kathleen
Powers
(262) 636-1687
kathleen.t.powers@modine.com
Forward-Looking Statements
This press release contains statements, including information
about future financial performance and market conditions,
accompanied by phrases such as "believes," "estimates," "expects,"
"plans," "anticipates," "intends," "projects," 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, including, but not limited to those described under
"Risk Factors" in Item 1A of Part I of the Company's Annual Report
on Form 10-K for the year ended March 31,
2024 and under Forward-Looking Statements in Item 7 of Part
II of that same report and in the Company's Quarterly Report on
Form 10-Q for the quarters ended June 30,
2024 and September 30, 2024.
Other risks and uncertainties include, but are not limited to, the
following: the impact of potential adverse developments or
disruptions in the global economy and financial markets, including
impacts related to inflation, energy costs, supply chain challenges
or supplier constraints, logistical disruptions, tariffs, sanctions
and other trade issues or cross-border trade restrictions; the
impact of other economic, social and political conditions, changes
and challenges in the markets where we operate and compete,
including foreign currency exchange rate fluctuations, changes in
interest rates, tightening of the credit markets, recession or
recovery therefrom, restrictions associated with importing and
exporting and foreign ownership, public health crises, and the
general uncertainties, including the impact on demand for our
products and the markets we serve from regulatory and/or policy
changes that have been or may be implemented in the U.S. or abroad,
including those related to tax and trade, climate change, public
health threats, and military conflicts, including the current
conflicts in Ukraine and in the
Middle East and heightened
tensions in the Red Sea; the overall health and pricing focus of
our customers; our ability to successfully realize anticipated
benefits, including improved profit margins and cash flow, from our
strategic initiatives and our application of 80/20 principles
across our businesses; our ability to be at the forefront of
technological advances and the impacts of any changes in the
adoption rate of technologies that we expect to drive sales growth;
our ability to accelerate growth organically and through
acquisitions and successfully integrate acquired businesses; our
ability to effectively and efficiently manage our operations in
response to sales volume changes, including maintaining adequate
production capacity to meet demand in our growing businesses while
also completing restructuring activities and realizing benefits
thereof; our ability to fund our global liquidity requirements
efficiently and comply with the financial covenants in our credit
agreements; operational inefficiencies as a result of product or
program launches, unexpected volume increases or decreases, product
transfers and warranty claims; the impact on Modine of any
significant increases in commodity prices, particularly aluminum,
copper, steel and stainless steel (nickel) and other purchased
components and related costs, and our ability to adjust product
pricing in response to any such increases; our ability to recruit
and maintain talent in managerial, leadership, operational and
administrative functions and to mitigate increased labor costs; our
ability to protect our proprietary information and intellectual
property from theft or attack; the impact of any substantial
disruption or material breach of our information technology ("IT")
systems; the impact of a material weakness identified in our
internal controls related to IT system access in Europe on our financial reporting process;
costs and other effects of environmental investigation, remediation
or litigation and the increasing emphasis on environmental, social
and corporate governance matters; our ability to realize the
benefits of deferred tax assets; and other risks and uncertainties
identified in our public filings with the U.S. Securities and
Exchange Commission. Forward-looking statements are as of the date
of this press release, and we do not assume any obligation to
update any forward-looking statements.
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