A HISTORY OF INNOVATION Since 1916, Modine Manufacturing Company has applied innovative thermal technology to meet customer's needs. Founder A.B.Modine made innovation a company value and built a thriving business. Modine breakthroughs in customized heating and cooling solutions have yielded state-of-the-art components, modules and systems that have given the world's vehicle makers and commercial equipment manufacturers a competitive edge in the markets they serve.
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Lawrenceburg, TN, March 10, 2010 — Modine Manufacturing Company (NYSE: MOD), a
diversified global leader in thermal management technology and solutions, today announced
plans to relocate equipment to a facility near its existing manufacturing plant in Lawrenceburg.
The transfer is expected to broaden the plant’s product line offering, expand the company’s
production in Lawrenceburg, and over time result in additional jobs in the area. Modine cited
plant performance, regional geographic location for customer support, and positive local
business climate as key factors in its decision.
“The city of Lawrenceburg, Lawrence County and the state of Tennessee have been
extremely cooperative throughout the relocation decision process,” said Scott Miller, Regional
Operations Director – Americas. “Their support reaffirms our conclusion that Lawrenceburg is
the right place to conduct business and manufacture our products – from our highly dedicated
workforce to city hall to the chamber of commerce. We are excited to not only continue our
existing manufacturing, but also to expand our local capacity in new technologies at a time
when many companies have scaled back operations.”
Over the next few weeks, Modine will begin moving a brazing furnace and associated
production equipment to a leased building across the street from the current Lawrenceburg
plant. Installation is expected to take about a month. The furnace will be used in the
manufacture of GOHAR (Global Off-Highway Aluminum Radiators), primarily for North American
customers. CAB – Controlled Atmospheric Brazing, which uses an inert nitrogen-based atmosphere, is the preferred process for the manufacture of certain aluminum heat exchangers.
At present, the Lawrenceburg plant makes charge air coolers, engine fuel coolers, and front-end
cooling modules for the commercial vehicle market. Opened in 1979, the plant currently
employs approximately 180 people.
“We’re excited about the relocation and the opportunities it represents for our employees and the community,” said Greg Mansfield, Lawrenceburg plant manager. “Adding the CAB furnace will give us a broader skill set and provide more capabilities here to serve off-highway
customers. As part of a heavy-duty vehicle program build-out currently underway, the new
process will allow us to move a number of employees to the leased facility where they will be
trained in the new manufacturing processes and technologies. This will also better enable our
plant to function as a center of excellence for our expanded customer base.”
Modine’s decision to transfer the CAB furnace and associated equipment to
Lawrenceburg supports the company’s Four-Point strategic business plan which calls for
realignment of its global manufacturing footprint to achieve greater efficiencies and economies
of scale. In the last three years, this strategy has included plant closures in North America,
Europe and Asia, expansion into lower-cost countries and shifting of production resources to
other Modine facilities. The plan also comprises overhead cost reduction, greater capital
allocation discipline, and continued product portfolio evaluation.
About Modine
Modine Manufacturing Company, with fiscal 2009 revenues of $1.4 billion, specializes in
thermal management systems and components, bringing highly engineered heating and
cooling technology and solutions to diversified global markets. Modine products are used in
light, medium and heavy-duty vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems, and fuel cells. The company
employs approximately 6,000 people at 32 facilities worldwide in 15 countries. For more
information about Modine, visit www.modine.com.
Contact: Susan Fisher 262-636-8434 s.h.fisher@na.modine.com
RACINE, Wis., Feb 02, 2010 (BUSINESS WIRE) -- Modine Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, today reported its
financial results for the third quarter of fiscal 2010, as follows:
Third Quarter
2010
2009
Change
($ in millions except per share data)
Net Sales
$
302.4
$
325.6
$
(23.2
)
Gross Profit
$
47.7
$
37.9
$
9.8
% of Sales
15.8
%
11.6
%
420 bp
Selling, General & Administrative (SG&A) Expenses
$
40.7
$
43.3
$
(2.6
)
Pre-Tax Earnings (Loss) from Continuing Operations
$
2.4
$
(63.8
)
$
66.2
Earnings (Loss) from Continuing Operations
$
2.1
$
(56.5
)
$
58.6
Diluted Earnings (Loss) Per Share from Continuing Operations
$
0.05
$
(1.76
)
$
1.81
Adjusted EBITDA
$
25.2
$
12.7
$
12.5
Free Cash Flow
$
38.5
$
7.8
$
30.7
Net Debt (a)
$
87.5
$
205.7
$
(118.2
)
(a) As of December 31, 2009 and March 31, 2009, respectively
"Modine's performance during the third quarter of fiscal 2010 affirms
that our Four-Point Plan is working," said Thomas A. Burke, Modine
President and Chief Executive Officer. "We delivered a 420 basis point
improvement in gross margin despite lower sales, just over $25 million
in adjusted EBITDA, and the company's first pre-tax earnings in six
quarters. These results reflect the favorable impact of our
restructuring activities and our significantly lower cost structure year
over year. During the quarter, we completed the sale of our Korea-based
vehicular HVAC business, as part of our ongoing portfolio
rationalization activity. We used the strength of our cash flow from
operations, as well as the proceeds from this sale, to reduce even
further the company's overall debt position. Although we are clearly
pleased with our progress during the third quarter, we are mindful of
near-term pressure on our business. Continued steady increases in metals
prices, as well as new program launches and announced plant closure
activities, are expected to impact the company's gross margin. Within
this environment, we continue to execute our Four-Point Plan. With
renewed confidence in our product strategies and our strong balance
sheet, we remain focused on meeting the thermal management needs of our
customers and positioning Modine for sustained profitable growth."
Third Quarter Overview
Sales volumes declined seven percent from a year ago, yet improved
sequentially across all segments, up seven percent compared to the
second quarter of fiscal 2010, reflecting new program launches and
some slight market recovery;
Gross margin of 15.8 percent rose 420 basis points from the third
quarter of fiscal 2009 and 80 basis points sequentially, primarily
attributable to a significant reduction in direct and indirect costs
in the company's manufacturing facilities;
The company recorded pre-tax income of $2.4 million, its first
reported pre-tax earnings since the first quarter of fiscal 2009;
Adjusted EBITDA of $25.2 million during the third quarter of fiscal
2010 and $64.8 million year-to-date, far exceeded the company's
minimum adjusted EBITDA loan covenant requirements;
The company announced the closure of its Harrodsburg, Kentucky,
facility, reflecting a continuing focus on realigning its
manufacturing footprint to achieve greater efficiencies in scale;
The company completed the sale of its Korea-based vehicular HVAC
business in December, generating approximately $11 million in net
proceeds, which were used to further reduce the company's indebtedness
and provide additional financial flexibility and liquidity; and
As of December 31, 2009, the company had reduced its net debt to $87.5
million, substantially lower than the $205.7 million balance at March
31, 2009.
Cash and Liquidity
"We are very pleased with the progress we are making to improve our
liquidity and financial position," said Robert R. Kampstra, Vice
President, Corporate Controller and Chief Accounting Officer. "We
generated positive free cash flow through our strong operating results
during the quarter. This cash flow, combined with the proceeds from the
sale of our Korea-based vehicular HVAC business and the capital raised
in our secondary stock offering last quarter, allowed us to
substantially reduce our net debt balance since March 31, 2009."
Free cash flow was $38.5 million during the third quarter of fiscal
2010, compared with $7.8 million in the comparable period of fiscal
2009. The improvement in income from operations resulting from the
company's cost reduction efforts, as well as reduced capital spending,
contributed to the year over year improvement in free cash flow. As of
December 31, 2009, the company had cash on hand of approximately $44
million and additional available borrowing capacity of approximately
$175 million. The company is confident it has sufficient liquidity to
manage its business and expects to be in compliance with its financial
covenants through the term of its primary credit agreement.
Outlook
Modine anticipates continued, albeit modest, sales volume improvement
over the next 12 months. However, the company anticipates that the
combination of the following factors will put near-term pressure on its
fourth quarter gross margin versus the third quarter of fiscal 2010:
Significant commodity price increases, with aluminum and copper, up
approximately 55 percent and 160 percent, respectively, during
calendar 2009;
The lagging impact of material pass-through agreements with several
customers, resulting in the company's temporary absorption of sharply
higher metals costs until these agreements reprice;
Inefficiencies associated with program launch activities and announced
plant closures; and
The typical winding down of the Commercial Products segment's heating
products season during the fourth quarter.
"Although the fourth quarter is historically Modine's weakest and we
face these near-term headwinds," Burke concluded, "we are confident in
our ability to manage through the uncertainties of the market. With the
substantial fixed cost reductions we have achieved, we are well
positioned to use this operating leverage, along with our commitment to
strong customer relationships, to capitalize on the significant
opportunities before us as market volumes return."
Conference Call and Webcast
Modine will conduct a conference call and live webcast, with a slide
presentation, on Tuesday, February 2, 2010 at 10:30 a.m. Central Time
(11:30 a.m. Eastern Time) to discuss its fiscal 2010 third quarter. The
webcast and accompanying slides will be available on the investor
section of the Modine website at www.modine.com.
The dial-in phone number for the audio portion of the call is
800-798-2884 passcode: 89447458. The international call-in number is
617-614-6207; passcode: 89447458. Participants are encouraged to log on
to the webcast and conference call about ten minutes prior to the start
of the event. A replay of the audio and the slides will be available on
the investor relations section of the Modine website at www.modine.com
about two hours after the live call concludes. A call-in replay will be
available through March 9, 2010, at 888-286-8010; passcode: 64200752 or,
for international callers, at 617-801-6888; passcode: 64200752. A
transcript of the call will be posted to the company's website after
February 3, 2010.
About Modine
Modine, with fiscal 2009 revenues of $1.4 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, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems, and fuel
cells. The company employs approximately 6,000 people at 32 facilities
worldwide in 15 countries. For more information about Modine, visit www.modine.com.
Forward-Looking Statements
This press release contains statements, including information about
future financial performance and market conditions, including the
information provided under "Outlook," accompanied by phrases such as
"believes," "estimates," "expects," "plans," "anticipates," "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, including, but not limited to, those described under
"Risk Factors" in Item 1A of Part II of the company's Annual Report on
Form 10-K for the year ended March 31, 2009 and under Forward-Looking
Statements in Item 2 of Part I of that same report, as revised by
Exhibit 99.1 to the Company's Current Report on Form 8-K dated September
15, 2009, and the company's Quarterly Report on Form 10-Q for the
quarters ended June 30, 2009 and September 30, 2009. Other risks and
uncertainties include, but are not limited to, the following: the impact
on Modine of increases in commodity prices, particularly aluminum and
copper and its ability to pass these prices on to customers; changes in
sales mix to products with lower margins; the company's ability to
remain in compliance with its debt agreements and financial covenants
going forward; Modine's ability to fund its liquidity requirements and
meet its long-term commitments; the impact the current global economic
uncertainty is having on Modine, its customers and its suppliers and any
worsening of such economic conditions; the secondary effects on Modine's
future cash flows and liquidity that may result from Modine's customers
and lenders dealing with the economic crisis and its consequences;
Modine's ability to limit capital spending; Modine's ability to
successfully execute its four-point recovery plan; the nature of the
vehicular industry, including continued depressed customer build rates;
and other risks and uncertainties identified by the company in public
filings with the U.S. Securities and Exchange Commission. The company
does not assume any obligation to update any forward-looking statements.
Non-GAAP Financial Disclosures
Adjusted EBITDA, Net Debt and Free Cash Flow (which are defined below)
as used in this press release are not measures that are defined in
generally accepted accounting principles (GAAP). These non-GAAP measures
are used by management and the company's lenders as performance measures
to judge liquidity and covenant compliance for the company's business.
These measures provide a more consistent view of performance than the
closest GAAP equivalent for management and investors. Management
compensates for this by using these measures in combination with the
GAAP measures. However, these measures are not, and should not be,
viewed as substitutes for the GAAP measures. The presentations of the
non-GAAP measures in this press release are made alongside the most
directly comparable GAAP measures.
Definition - Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (EBITDA)
The company's earnings (loss) from continuing operations before interest
expense and provision for (benefit from) income taxes, adjusted to
exclude unusual, non-recurring or extraordinary non-cash charges and up
to $34.0 million of cash restructuring and repositioning charges, and
further adjusted to add back depreciation and amortization expense, as
defined in the applicable debt agreements. This is a financial measure
of the profit generated excluding the above- mentioned items.
Definition - Net Debt
The sum of short- and long-term debt, less cash on hand. This is an
indicator of the company's debt position after considering on hand cash
balances.
Definition - Free Cash Flow
The sum of net cash provided by (used for) operating and investing
activities, further adjusted for net cash provided by (used for)
financing activities except for advances and repayments of long-term
debt, issuance of common stock and dividends. This is a liquidity
measure of the cash available for permitted distributions.
-- Financial tables follow --
Modine Manufacturing Company
Consolidated statements of operations (unaudited)
(In thousands, except per share amounts)
Three months ended December 31,
Nine months ended December 31,
2009
2008
2009
2008
Net sales
$
302,390
$
325,578
$
838,320
$
1,153,937
Cost of sales
254,674
287,673
712,380
990,551
Gross profit
47,716
37,905
125,940
163,386
Selling, general & administrative expenses
40,672
43,268
116,236
159,278
Restructuring expense (income)
1,056
25,311
(907
)
28,130
Impairment of long-lived assets
273
27,342
5,116
30,507
Income (loss) from operations
5,715
(58,016
)
5,495
(54,529
)
Interest expense
3,793
4,048
18,895
9,593
Other (income) expense - net
(441
)
1,712
(7,122
)
1,414
Earnings (loss) from continuing operations before income taxes
2,363
(63,776
)
(6,278
)
(65,536
)
Provision for (benefit from) income taxes
238
(7,265
)
2,125
(2,702
)
Earnings (loss) from continuing operations
2,125
(56,511
)
(8,403
)
(62,834
)
Earnings (loss) from discontinued operations (net of income taxes)
2,084
85
(8,348
)
(728
)
(Loss) gain on sale of discontinued operations (net of income taxes)
(430
)
369
(430
)
2,066
Net earnings (loss)
$
3,779
$
(56,057
)
$
(17,181
)
$
(61,496
)
Earnings (loss) from continuing operations per common share:
Basic
$
0.05
$
(1.76
)
$
(0.23
)
$
(1.96
)
Diluted
$
0.05
$
(1.76
)
$
(0.23
)
$
(1.96
)
Net earnings (loss) per common share:
Basic
$
0.08
$
(1.75
)
$
(0.46
)
$
(1.92
)
Diluted
$
0.08
$
(1.75
)
$
(0.46
)
$
(1.92
)
Weighted average shares outstanding:
Basic
45,941
32,093
37,066
32,066
Diluted
46,243
32,093
37,066
32,066
Dividends paid per share
$
-
$
0.10
$
-
$
0.30
Comprehensive earnings (loss), which represents net earnings
(loss) adjusted by the post-tax change in foreign-currency
translation, the effective portion of cash flow hedges and change
in benefit plan adjustment recorded in shareholders' equity, for
the three month periods ended December 31, 2009 and 2008 were $413
and $(79,918), respectively, and for the nine month periods ended
December 31, 2009 and 2008, were $24,788 and $(128,673),
respectively.
Condensed consolidated balance sheets (unaudited)
(In thousands)
December 31, 2009
March 31, 2009
Assets
Cash and cash equivalents
$
44,161
$
43,536
Short term investments
1,140
1,189
Trade receivables - net
130,495
122,266
Inventories
92,159
88,077
Assets held for sale
-
29,173
Other current assets
45,122
41,610
Total current assets
313,077
325,851
Property, plant and equipment - net
442,974
426,565
Assets held for sale
-
34,328
Other noncurrent assets
61,093
65,388
Total assets
$
817,144
$
852,132
Liabilities and shareholders' equity
Debt due within one year
$
680
$
5,232
Accounts payable
106,478
94,506
Liabilities of business held for sale
-
28,018
Other current liabilities
109,614
123,277
Total current liabilities
216,772
251,033
Long-term debt
131,020
243,982
Deferred income taxes
11,123
9,979
Liabilities of business held for sale
-
12,181
Other noncurrent liabilities
94,175
91,120
Total liabilities
453,090
608,295
Shareholders' equity
364,054
243,837
Total liabilities & shareholders' equity
$
817,144
$
852,132
Modine Manufacturing Company
Condensed consolidated statements of cash flows (unaudited)
(In thousands)
Nine months ended December 31,
2009
2008
Cash flows from operating activities:
Net loss
$
(17,181
)
$
(61,496
)
Adjustments to reconcile net loss with net cash provided
by operating activities:
Depreciation and amortization
49,625
55,875
Impairment of long-lived assets
12,763
30,507
Other - net
(581
)
(15,465
)
Net changes in operating assets and liabilities
5,244
70,843
Net cash provided by operating activities
49,870
80,264
Cash flows from investing activities:
Expenditures for plant, property and equipment
(41,449
)
(79,538
)
Proceeds from dispositions of assets
8,130
4,972
Proceeds from sale of discontinued operations
11,249
10,202
Settlement of derivative contracts
(6,544
)
(263
)
Other - net
4,024
3,225
Net cash used for investing activities
(24,590
)
(61,402
)
Cash flows from financing activities:
Net (decrease) increase in debt
(119,708
)
30,919
Issuance of common stock
93,025
-
Cash dividends paid
-
(9,678
)
Other - net
(1,795
)
(1,398
)
Net cash (used for) provided by financing activities
(28,478
)
19,843
Effect of exchange rate changes on cash
3,823
(4,446
)
Net increase in cash and cash equivalents
625
34,259
Cash and cash equivalents at beginning of the period
43,536
38,595
Cash and cash equivalents at end of the period
$
44,161
$
72,854
Condensed segment operating results (unaudited)
(In thousands)
Three months ended December 31,
Nine months ended December 31,
2009
2008
2009
2008
Sales:
Original Equipment - Asia
$
8,934
$
4,172
$
22,411
$
13,221
Original Equipment - Europe
126,980
112,935
344,588
499,921
Original Equipment - North America (a)
101,296
137,702
293,559
399,641
South America
32,254
28,669
82,871
114,787
Commercial Products
48,371
48,796
127,956
150,866
Segment sales
317,835
332,274
871,385
1,178,436
Corporate and administrative
481
897
2,019
2,631
Eliminations
(15,926
)
(7,593
)
(35,084
)
(27,130
)
Total net sales
$
302,390
$
325,578
$
838,320
$
1,153,937
Operating income/(loss):
Original Equipment - Asia
$
(675
)
$
(2,173
)
$
(3,630
)
$
(6,339
)
Original Equipment - Europe
6,400
(43,351
)
15,757
(6,865
)
Original Equipment - North America (a) (b)
(541
)
(8,798
)
3,552
(32,980
)
South America
2,788
1,040
6,296
11,648
Commercial Products
7,927
5,178
16,131
13,886
Segment income (loss) from operations
15,899
(48,104
)
38,106
(20,650
)
Corporate and administrative (b)
(10,174
)
(9,771
)
(32,715
)
(33,750
)
Eliminations
(10
)
(141
)
104
(129
)
Income (loss) from operations
$
5,715
$
(58,016
)
$
5,495
$
(54,529
)
(a)
Sales and operating income/(loss) were retrospectively adjusted
for comparative purposes to reflect the realignment of the Fuel
Cell segment into the Original Equipment - North America segment
for the three and nine months ended December 31, 2008.
(b)
Operating income/(loss) was retrospectively adjusted for
comparative purposes to reflect the realignment of $5,105 and
$15,058 of support department costs previously included in
Corporate and administrative into the Original Equipment - North
America segment for the three and nine months ended December 31,
2008, respectively.
Modine Manufacturing Company
Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA) from continuing operations (unaudited)
(In thousands)
Three months ended December 31,
Nine months ended December 31,
2009
2008
2009
2008
Earnings (loss) from continuing operations
$
2,125
$
(56,511
)
$
(8,403
)
$
(62,834
)
Interest expense
3,793
4,048
18,895
9,593
Provision for (benefit from) income taxes
238
(7,265
)
2,125
(2,702
)
Depreciation and amortization (a)
16,045
15,836
47,983
51,414
EBITDA from continuing operations
22,201
(43,892
)
60,600
(4,529
)
Restructuring and repositioning charges
2,463
26,379
2,392
32,332
Non-cash charges (b)
583
30,163
1,811
41,269
Adjusted EBITDA
$
25,247
$
12,650
$
64,803
$
69,072
(a)
Depreciation and amortization expense represents total
depreciation and amortization from continuing operations less
accelerated depreciation which is included in non-cash charges.
(b)
Non-cash charges are comprised of long-lived asset impairments,
non-cash restructuring and repositioning charges, exchange gains
or losses on intercompany loans and non-cash charges which are
unusual, non-recurring or extraordinary.
Net debt (unaudited)
(In thousands)
December 31, 2009
March 31, 2009
Debt due within one year
$
680
$
5,232
Long-term debt
131,020
243,982
Total debt
131,700
249,214
Less: cash and cash equivalents
44,161
43,536
Net debt
$
87,539
$
205,678
Free cash flow (unaudited)
(In thousands)
Three months ended December 31,
Nine months ended December 31,
2009
2008
2009
2008
Net cash provided by operating activities (c)
$
31,001
$
40,008
$
53,319
$
80,264
Net cash used for investing activities
6,436
(29,577
)
(24,590
)
(61,402
)
Other financing activities - net
741
(3,861
)
(1,795
)
(1,398
)
Effect of exchange rate changes on cash
101
1,190
3,823
(4,446
)
Change in cash balances held for sale
196
-
-
-
Free cash flow
$
38,475
$
7,760
$
30,757
$
13,018
(c)
Net cash provided by operating activities for the nine months
ended December 31, 2009 excludes the make-whole payment of $3,449
related to the paydown of long-term debt as a result of the
issuance of common stock.
RACINE, Wis., Jan 21, 2010 (BUSINESS WIRE) -- Modine Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, announced today that it
will release its third quarter fiscal 2010 financial results for the
period ended December 31, 2009, on Tuesday, February 2, 2010. The
company will conduct an earnings conference call and webcast for
investors on that same date at 10:30 a.m. Central Time (11:30 a.m.
Eastern Time).
During the call, Modine President and Chief Executive Officer Thomas A.
Burke and Vice President and Corporate Controller Robert R. Kampstra
will review the company's third quarter fiscal 2010 financial results.
To access the live webcast, including presentation slides, please log on
through the investor relations section of Modine's website at http://www.modine.com
at least 10 minutes prior to the start of the event. If you choose to
participate on the conference call, please dial 800.798.2884
(international dial in 617.614.6207) and enter passcode 89447458. A
replay of the slides and the audio will be available after February 2,
2010 on the investor relations section of Modine's website at http://www.modine.com.
An audio only replay will be available through midnight on March 9, 2010
by dialing 888.286.8010 (international replay 617.801.6888) and entering
passcode 64200752. A transcript of the call will be posted to the
company's website after February 3, 2010.
About Modine
With fiscal 2009 revenues of $1.4 billion, Modine 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,
heating, ventilation and air conditioning equipment, off-highway and
industrial equipment, refrigeration systems, and fuel cells. The company
employs approximately 6,000 people at 32 facilities worldwide in 15
countries. For more information about Modine, visit www.modine.com.
Airedale’s New Classroom Unit Ventilator Provides Series of Benefits for Classrooms
RACINE, Wis., January 15, 2010 — Airedale International Air Conditioning Limited, a Modine company, today announced the introduction of the VarsityTM, its new under-the-window vertical unit ventilator. The unit is designed with the durability and reduced noise demanded of classroom settings while making a minimal impact on its environment. The Varsity comes with features teachers love, the operating costs administrators expect, and the ease of use and low maintenance facility managers require.
“Engineered specifically for classrooms, the Varsity blends into its environment and reduces noise for a better learning environment,” said Matt McBurney, director of Modine’s Commercial Products Group. “Like all Airedale products, we’ve invested in the research and testing necessary to ensure that not only do users get the fresh and comfortable air they require, they get it in a low cost, attractive and easy-to-use package.”
The Varsity has been designed to deliver a series of benefits to stand out in its field and offer the very best options, accessories, reliability and efficiency for end-users. Features and benefits include:
Improved efficiency saves resources and money
The Varsity’s coils have been designed for optimal temperature and pressure drops.
A unique economizer mode gives users the chance to take advantage of outside air to cool their environments during favorable climates.
Optional factory installed controls optimize the control sequence.
Built to withstand classroom rigors and increase lifespan with improved serviceability so less time is spent on maintenance
Standard heavy-duty, 14-gauge cabinet panels make the Varsity the most damage-resistant unit ventilator on the market.
Textured hammertone finish is easy to clean and maintains a fingerprint-free surface.
Modular design allows easy access to and removal of critical components.
Cabinet end pockets centralize the location of the unit’s components.
Noise reduction for a better learning environment
A motor mounted outside the airstream isolates vibration in the bearings.
The heavy-duty, 14-gauge steel cabinet further insulates for noise reduction and lowers external decibel levels. Multiple options, accessories for a variety of room sizes and needs
A full range of sizes are offered – 750, 1,000, 1,250 and 1,500 CFM.
A selection of outdoor louvers are designed to blend into any façade.
Piping and control utility compartments are available to match unit color and finish.
Hot water heating coils are available.
Multiple inlet air arrangements and adapter backs accommodate a variety of sill and louver heights.
Optional factory assembled piping packages are available.
Available in a variety of one or two-tone colors.
The Varsity unit ventilator will be featured at Modine and Airedale’s booth at the AHR exhibition in Orlando, Fla., from January 25 – 27. Representatives will be available to speak about the Varsity and other products and initiatives at Booth #3325. To inquire about an appointment or for further information, please contact the media contacts listed at the top of the release.
For more information on the Varsity, visit www.airedaleusa.com.
About Airedale
Founded in 1974 and a part of Modine Manufacturing Company since 2005, Airedale designs and manufactures an extensive range of air conditioning and heating products. In Europe, Airedale is a leading manufacturer of chillers, close control and comfort products. In North America, they provide classroom HVAC systems for schools along with ductless ceiling cassettes and heating products for a variety of environments.
About Modine
Founded in 1916, Modine Manufacturing Company, with fiscal 2009 revenues of $1.4 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, heating, ventilation and air conditioning equipment, off-highway and industrial equipment, refrigeration systems, and fuel cells. The company employs approximately 7,000 people at 32 facilities worldwide in 15 countries. For more information on Modine’s Commercial Products Group, visit www.ModineHVAC.com.
MEDIA INQUIRIES: INVESTOR RELATIONS: Ray Schaffart Susan Fisher Modine Manufacturing Company Modine Manufacturing Company 262/636-1504 262/636-8434 r.s.schaffart@na.modine.com s.h.fisher@na.modine.com Dana Carpenter For Modine Manufacturing 414/299-3951 dana@corecreative.com
Modine’s New Unit Ventilator
Provides Series of Benefits for Schools, Users
RACINE, Wis., January 13, 2010 — Modine Manufacturing Company today announced the introduction of the ValedictorianTM, its new under-the-window vertical unit ventilator. The unit is designed with the durability demanded in classroom environments and comes with features teachers love, the operating costs administrators expect, and the ease of use and low maintenance facility managers require.
“Engineered specifically for classrooms, the Valedictorian gives users the features they need to reduce noise, improve efficiency and maintain the architectural integrity of the existing space,” said Matt McBurney, director of Modine’s Commercial Products Group. “Like all Modine products, we’ve invested in the research and testing necessary to ensure that not only do users get the fresh and comfortable air they require, they get it in a low cost, attractive and easy-to-use package.”
The Valedictorian has been designed to deliver a series of benefits to stand out in its field and offer the very best options, accessories, reliability and efficiency for end-users. Features and benefits include:
Improved efficiency saves resources and money
The Valedictorian’s coils have been designed for optimal temperature and pressure drops.
A unique economizer mode gives users the chance to take advantage of outside air to cool their environments during favorable climates.
Optional factory installed controls optimize the control sequence.
Built to withstand classroom rigors and increase lifespan with improved serviceability so less time is spent on maintenance
Standard heavy-duty, 14-gauge cabinet panels make the Valedictorian the most damage-resistant unit ventilator on the market.
Textured hammertone finish is easy to clean and maintains a fingerprint-free surface.
Modular design allows easy access to and removal of critical components.
Cabinet end pockets centralize the location of the unit’s components.
Noise reduction for a better learning environment
A motor mounted outside the airstream isolates vibration in the bearings.
The heavy-duty, 14-gauge steel cabinet further insulates for noise reduction and lower decibel levels.
Multiple options, accessories for a variety of room sizes and needs
A full range of sizes are offered – 750, 1,000, 1,250 and 1,500 CFM.
A selection of outdoor louvers are designed to blend into any façade.
Piping and control utility compartments are available to match unit color and finish.
Hot water heating coils are available.
Multiple inlet air arrangements and adapter backs accommodate a variety of sill and louver heights.
Optional factory assembled piping packages are available.
Available in a variety of one or two-tone colors.
Modine’s products have been designed, tested and manufactured in America for more than 90 years to provide not only the ease of use, air circulation and even temperatures that customers expect, but also to meet and exceed efficiency standards.
The Valedictorian unit ventilator will be featured at Modine and Airedale’s booth at the AHR exhibition in Orlando, Fla., from January 25 – 27. Representatives will be available to speak about the Valedictorian and other products and initiatives at Booth #3325. To inquire about an appointment or for further information, please contact the media contacts listed at the top of the release.
For more information on the Valedictorian, visit www.ModineHVAC.com.
About Modine
Modine Manufacturing Company, with fiscal 2009 revenues of $1.4 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, heating, ventilation and air conditioning equipment, off-highway and industrial equipment, refrigeration systems, and fuel cells. The company employs approximately 7,000 people at 32 facilities worldwide in 15 countries. For more information on Modine’s Commercial Products Group, visit www.ModineHVAC.com
MEDIA INQUIRIES: INVESTOR RELATIONS:
Ray Schaffart Susan Fisher
Modine Manufacturing Company Modine Manufacturing Company
262/636-1504 262/636-8434
r.s.schaffart@na.modine.com s.h.fisher@na.modine.com
Dana Carpenter
For Modine Manufacturing
414/299-3951
dana@corecreative.com
