Modine Manufacturing Co. has announced plans to form a new commercial products group.
The group will combine the company’s electronics cooling and commercial heating, ventilating, air-conditioning and refrigeration divisions.
Modine says this new group will continue to expand the company’s market presence in the electronics and HVAC markets, while reducing costs after combining the two businesses.
“During the past 18 months, we have re-focused our market approach in both the electronics and HVAC areas,” said David B. Rayburn, Modine president and CEO.
Modine closed its plant in Taiwan that served the personal and laptop computer markets, allowing the electronics cooling business to focus its efforts on advanced thermal solutions for other segments, including military, aerospace, servers and data center cooling.
“In addition to our repositioning in the electronics market, the acquisition of Airedale International Inc. in May of 2005, provided Modine with cooling solutions that we can now leverage in the electronics cooling space,” Rayburn said “Our commercial products strategy and new structure, coupled with our clearly defined strategies and product-focused customer approaches in our other groups will facilitate Modine’s goal of generating improved shareholder returns over time and increasing our ROACE (return on average capital employed) to 11-12 percent through the cycle.”
Modine forms commercial products group
December 1, 2006