Modine Announces Sale of Canadian Operations
Modine Manufacturing Co. (Racine, WI) announced that it completed the sale of its Canadian after-market operations, which was part of a previously announced plan to reduce excess capacity. In addition to its Canadian aftermarket operations, Modine has announced the closure of three other North American facilities, located in St. Paul, MN; Knoxville, TN; LaPorte, IN; and two facilities in Europe.
"The consolidation is going as planned, and we expect to meet or exceed our previously announced savings estimates. We will start to see the net benefits of these efforts in the latter half of this fiscal year," said Modine President and COO David Rayburn. "These actions are consistent with our strategy to increase our return on capital. We will continue to eliminate under-performing assets, excess capacity and to reallocate our resources to those areas with the highest return potential."