HARRODSBURG, Ky.--Modine Manufacturing Company (NYSE: MOD), a thermal management technology and solutions company, will close its manufacturing facility here. The closure is expected to impact approximately 110 total employees, who will receive a variety of support services. This action reflects Modine's continued execution of its strategic Four-Point Business Plan, which consists of product line rationalization, manufacturing capacity realignment, fixed-cost reduction and capital allocation discipline.
Modine will transfer production from the 253,452 square-foot Harrodsburg plant to other Modine facilities in North America to consolidate regional production. The Harrodsburg plant makes radiators, round tube plate fin heat exchangers and HVAC modules for the commercial vehicle and off-highway markets. Plans call for the plant to close over an approximate six- to nine-month period. Modine will provide the affected employees severance and work closely with the Kentucky Department of Labor and other state and local agencies to offer employment assistance and other services.
"Closing operations is never easy,' said Scott Bowser, Modine Regional Vice President ' Americas. "The difficult decision to close Harrodsburg was based upon our ongoing review and analysis of Modine's global product lines. This analysis resulted in our decision to strategically de-emphasize our vehicular HVAC presence, which has been a core product line in Harrodsburg. Closing the plant will help us rationalize production, achieve the scale we need in our manufacturing operations and improve our overall profitability and competitiveness. Balancing production capacity in this way also will give us the flexibility to supply customers with cost-advantaged thermal management solutions during the current economic downturn and position us to grow when the markets recover.'
About Modine ' www.modine.com
For a complete version of the BUSINESS WIRE press release: http://www.businesswire.com/news/home/20091022006426/en
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