Modine Opens New Facility in Europe to Serve Heat Pump Market

Additional facility in Serbia will manufacture coils for commercial and residential heat pump applications.

RACINE, Wis., April 23, 2024 /PRNewswire/ -- Modine (NYSE: MOD), a diversified leader in thermal management technologies and solutions, officially marked the opening of a second facility in Sremska, Serbia, to manufacture coils for commercial and residential heat pump applications. Serbian Prime Minister-designate Milos Vučević and U.S. Ambassador to Serbia Christopher Hill were among the dignitaries who attended the grand opening ceremony.

"We are honored that Prime Minister-designate Vučević and Ambassador Hill could join us to celebrate this grand opening," said Neil D. Brinker, Modine President and CEO. "The new production facility underscores Modine's commitment to investing in technologies that reduce energy consumption and lower harmful emissions, like heat pumps. Producing high-quality coils for customers working to achieve sustainability objectives is one way we're living our purpose of engineering a cleaner, healthier world."

"We are excited to expand our manufacturing operations in Serbia to serve our key customers in Europe and beyond," said Eric McGinnis, President, Climate Solutions at Modine. "The market for heat pumps in Europe is poised for growth over the long term to achieve climate targets. We want our manufacturing centers near our key customers to provide best-in-class heat transfer technology."

Modine has decades of experience manufacturing high-quality heat transfer coils for HVAC contractors, integrators, distributors and original equipment manufacturers. Modine opened its first facility in Serbia in 2014 to manufacture heat transfer coils used primarily in commercial refrigeration and HVAC applications. That facility was expanded in 2019 to support growing demand. The new facility is more than 18,000 m² (197,000 ft²) and located next to the existing plant.

"Our expanded footprint will allow Modine to efficiently serve the current and future needs of our OEM partners as well as explore additional growth opportunities," commented Mike Postma, Vice President, Heat Transfer Products at Modine.

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"We are proud to expand operations in Sremska," said Dejan Nestorović, General Manager, Heat Pumps at Modine. "The good economic environment and support from government agencies, industry associations, and technical schools has contributed to our success. Most importantly, however, are all the employees whose hard work made this day possible. Thank you."

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.

Investor Contact: Kathleen Powers; [email protected]; (262) 636-1687

Media Contact: [email protected]

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, 2023 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, 2023, September 30, 2023, and December 31, 2023. Other risks and uncertainties include, but are not limited to, the following: our ability to complete the acquisition in a reasonable manner and timeframe, to integrate the business successfully into Modine thereafter and to harness the anticipated synergies associated with the acquisition; the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, rising energy costs, along with supply chain challenges or supplier constraints, 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, increases in interest rates or tightening of the credit markets, recession, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties about the impact of regulatory and/or policy changes, including those related to tax and trade, the COVID-19 pandemic, the military conflict in Ukraine and other matters, that have been or may be implemented in the U.S. or abroad; the impact of the COVID-19 pandemic on the national and global economy, our business, suppliers, customers, and employees; the overall health and pricing focus of our customers; our ability to successfully execute our strategic and operational plans, including applying 80/20 principles to our business; our ability to effectively and efficiently modify our cost structure in response to sales volume increases or decreases and complete restructuring activities and realize benefits thereon; 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 program launches, unexpected volume increases or decreases, and product transfers; 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; the nature of and Modine's significant exposure to the vehicular industry and the dependence of this industry on the health of the economy; 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 systems; costs and other effects of environmental investigation, remediation or litigation; 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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