RACINE, Wis.–(BUSINESS WIRE)–Modine Manufacturing Company (NYSE: MOD), a world leader in designing and developing heating and cooling solutions for the truck, automotive, agriculture, heavy-duty and industrial markets, announced today that it has been awarded various programs by Hyundai Motor Company of Seoul, South Korea.
Hyundai awarded Modine approximately $100.0 million in business for Modine’s Euro-5 exhaust gas recirculation coolers that will be on engines in new Hyundai passenger cars starting with the 2009 models. These programs are expected to extend to 2014 “This is a continuation of our long relationship with Hyundai. When we purchased WiniaMando’s ACC division in 2004, Hyundai became one of Modine’s largest customers. We are happy to continue our strong relationship with Hyundai,” said Jerry Retallick, General Manager of Modine Asia. Modine will assemble its products for Hyundai at its Asan City, South Korea facility and will ship those products to Hyundai plants in South Korea and Europe.
“We are especially pleased with this success as it involved numerous individuals and groups from various regions working together to provide an exceptional solution for our customer,” said Tom Burke, Executive Vice President and Chief Operating Officer. “Modine recently reorganized its businesses into global product platforms bringing the best solutions to our customers. This business from Hyundai represents a great first win under our new global organizational structure.”
This program is incremental to business that supports Modine’s goal of four to six percent annual organic revenue growth. Including acquisitions, Modine’s annual revenue growth goal is nine to 13 percent.
About Modine
Founded in 1916, with fiscal 2006 revenues from continuing operations of $1.6 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, HVAC (heating, ventilating, and air conditioning) equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. Based in Racine, Wisconsin, the company has approximately 9,700 employees at 37 facilities in 15 countries worldwide. For additional information about Modine, visit www.modine.com.
About Hyundai
Established in 1967, Hyundai Motor Company has grown into the Hyundai Kia Automotive Group which includes more than two dozen auto-related subsidiaries and affiliates. Employing 86,800 people worldwide, the Hyundai Kia Automotive Group posted U.S. $47 billion in sales in 2006. Hyundai and Kia vehicles are sold in 193 countries through some 5000 dealerships and showrooms. Further information about Hyundai Motor Company and its products is available at www.hyundai-motor.com
