The new site in Bradford, West
Yorkshire, will produce precision cooling equipment
under the Airedale by Modine™ brand and comes on the heels of
expansion in Calgary, Canada, and
Allen, Texas.
RACINE,
Wis., May 7, 2024 /PRNewswire/ --
Modine (NYSE: MOD), a diversified leader in thermal management
technologies and solutions, announced the purchase of a 14.6 acre
manufacturing site in Bradford,
UK, to support increased production of Airedale by Modine™
precision cooling equipment used in the data center industry. The
purchase follows recent expansion in Calgary, Canada, to manufacture cooling
equipment for hyperscale customers in North America, and a new facility in
Allen, Texas, to develop liquid
immersion cooling technologies.
"We are excited to expand our manufacturing operations in the UK
to serve our key customers in Europe and beyond," said Adrian Trevelyan, Managing Director, Data
Centers, EMEA. "The market for data center cooling
equipment is experiencing rapid growth. Having available plant
capacity is crucial as data center operators look to secure
production slots in advance to support their growth. We are pleased
with the positive signals from our customers about our expanded
capacity."
The Bradford purchase includes
29,000m2
(312,000ft2) of existing manufacturing space that will
be used for manufacturing and testing computer room air handlers
and fan walls, as well as offices and warehouses. The first
Airedale by Modine units are expected out of Bradford by the end of 2024. The existing
facility in Leeds, UK, will focus
on chiller production. Between the two sites, overall production
capability is expected to increase 150%.
In addition to increased production capability, the development
of a state-of-the-art, 2MW test center at Bradford will be a centerpiece of the new
site. This investment in R&D will expand Airedale by
Modine's world-class testing capabilities and increase overall
capacity for R&D testing and customer witness tests.
With the new site in Bradford,
Airedale by Modine is able to serve global customers with precision
cooling equipment, systems and technologies from Leeds and Consett in the UK; Rockbridge, VA, Grenada, MS and Allen, TX, in the U.S.; Calgary, Canada; and Guadalajara, Spain.
About Modine
At Modine, we are Engineering a Cleaner,
Healthier World™. Building on more than 100 years of excellence in
thermal management, we provide trusted systems and solutions that
improve air quality and conserve natural resources. More than
11,000 employees are at work in every corner of the globe,
delivering the solutions our customers need, where they need them.
Our Climate Solutions and Performance Technologies segments support
our purpose by improving air quality, reducing energy and water
consumption, lowering harmful emissions and enabling cleaner
running vehicles and environmentally-friendly refrigerants. Modine
is a global company headquartered in Racine, Wisconsin (U.S.), with operations in
North America, South America, Europe and Asia. For more information about Modine, visit
www.modine.com.
Investor Contact: Kathleen
Powers; kathleen.t.powers@modine.com; (262) 636-1687
Media Contact: pr@modine.com
Forward-Looking Statements
This press release contains statements, including information
about future financial performance and market conditions,
accompanied by phrases such as "believes," "estimates," "expects,"
"plans," "anticipates," "intends," "projects," 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 I of the Company's Annual
Report on Form 10-K for the year ended March
31, 2023 and under Forward-Looking Statements in Item 7 of
Part II of that same report and in the Company's Quarterly Report
on Form 10-Q for the quarters ended June 30,
2023 and September 30, 2023.
Other risks and uncertainties include, but are not limited to, the
following: the impact of potential adverse developments or
disruptions in the global economy and financial markets, including
impacts related to inflation, energy costs, supply chain challenges
or supplier constraints, tariffs, sanctions and other trade issues
or cross-border trade restrictions; the impact of other economic,
social and political conditions, changes and challenges in the
markets where we operate and compete, including foreign currency
exchange rate fluctuations, increases in interest rates or
tightening of the credit markets, recession or recovery therefrom,
restrictions associated with importing and exporting and foreign
ownership, public health crises, and the general uncertainties,
including the impact on demand for our products and the markets we
serve from regulatory and/or policy changes that have been or may
be implemented in the U.S. or abroad, including those related to
tax and trade, climate change, COVID-19 or future public health
threats, and military conflicts, including the current conflicts in
Ukraine and in the Middle East and the recent attacks on shipping
vessels in the Red Sea; the overall health and pricing focus of our
customers, including any lingering impacts associated with the now
settled United Auto Workers union strikes; our ability to
successfully realize anticipated benefits, including improved
profit margins and cash flow, from our strategic initiatives and
our application of 80/20 principles across our businesses; our
ability to be at the forefront of technological advances and the
impacts of any changes in the adoption rate of technologies that we
expect to drive sales growth; our ability to accelerate growth
organically and through acquisitions and successfully integrate
acquired businesses; our ability to effectively and efficiently
manage our operations in response to sales volume changes,
including maintaining adequate production capacity to meet demand
in our growing businesses while also completing restructuring
activities and realizing benefits thereof; our ability to fund our
global liquidity requirements efficiently and comply with the
financial covenants in our credit agreements; operational
inefficiencies as a result of product or program launches,
unexpected volume increases or decreases, product transfers and
warranty claims; the impact on Modine of any significant increases
in commodity prices, particularly aluminum, copper, steel and
stainless steel (nickel) and other purchased components and related
costs, and our ability to adjust product pricing in response to any
such increases; our ability to recruit and maintain talent in
managerial, leadership, operational and administrative functions
and to mitigate increased labor costs; our ability to protect our
proprietary information and intellectual property from theft or
attack; the impact of any substantial disruption or material breach
of our information technology systems; costs and other effects of
environmental investigation, remediation or litigation and the
increasing emphasis on environmental, social and corporate
governance matters; our ability to realize the benefits of deferred
tax assets; and other risks and uncertainties identified in our
public filings with the U.S. Securities and Exchange Commission.
Forward-looking statements are as of the date of this press
release, and we do not assume any obligation to update any
forward-looking statements.
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