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Heat Transfer Solutions for Various Commercial Vehicles
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Modine Wins Programs to Supply Hyundai Kia Automotive Group with $143.0 Million in Heat Transfer Solutions for Various Commercial Vehicles
RACINE, Wis.--Modine Manufacturing Company , a world leader in designing and developing heating and cooling solutions for a diversified group of markets, announced today it has won more than $143.0 million in various programs from Hyundai Kia Automotive Group based in Seoul, South Korea to supply parts for new Hyundai and Kia commercial vehicles. The $143.0 million is a combination of new and replacement business that is cumulative over five years and launches from the model years 2006 through 2008. The Modine heat transfer solutions that will be used include: APTC (air-heated positive temperature coefficient) heaters; EGR (exhaust gas recirculation) coolers; oil coolers; HVAC (heating, ventilating and air conditioning) systems; condensers; and charge air coolers.
“This highlights the technological advancements we have made in our products to continue to fill Hyundai’s need for increased performance and quality. Our employees have worked with Hyundai for the past 37 years, and Modine has continued that important relationship since we acquired the South Korean and Chinese facilities in 2004. We are looking forward to a long partnership with Hyundai,” said Jerry Retallick, General Manager of Modine Asia.
| The Modine programs include: |
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| $90.4 million in various platforms for HVAC (heating, ventilating and air conditioning) systems, condensers and charge air coolers for Hyundai sport utility vehicles starting with the 2007 models and extending over the next five years. The HVAC systems, condensers and charged air coolers will be manufactured at Modine's Asan City, South Korea facility and shipped to Hyundai plants throughout Asia. | ||
| An APTC (air-heated positive temperature coefficient) heater program representing $32.0 million, starting in 2006, through Halla and Doowon to Hyundai's passenger car and SUVs. The APTC's will be manufactured at Modine's newly expanded air conditioner facility in Shanghai, China and shipped to Hyundai plants throughout Asia. | ||
| An $9.1 million program for exhaust gas recirculation (EGR) coolers for Kia Motors Corporation, to be used on Kia's KJ 2.9 Engine starting with model year 2006. EGR coolers recirculate the gas from the engine to remove both particulates and NOX from the exhaust, burning fuel more efficiently and keeping the air cleaner. The EGR coolers are being manufactured at Modine's Asan City, South Korea facility. | ||
| An $11.8 million program starting in 2008 to provide oil coolers for one type of Hyundai's new Euro-5 diesel engine. Hyundai anticipates the annual volume to be more than 400,000 units. This oil cooler will help Hyundai and its customers meet the new more strict emissions standards. | ||
These business wins support Modine's five-year cumulative average revenue growth rate goal of between nine and 13 percent. Components include four to six percent organic revenue growth with an additional five to seven percent revenue growth from selective acquisitions.
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 9,000 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com.
About Hyundai
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Kia Automotive Group which includes more two dozen auto-related subsidiaries and affiliates. Employing 68,000 people worldwide, Hyundai Motor posted US$26.1 billion in sales in 2004 (on a non-consolidated basis). Hyundai vehicles are sold in 193 countries through some 5000 dealerships and showrooms. Hyundai Motor Co. is a sponsor of the 2006 FIFA Germany World Cup. Further information about Hyundai Motor Co. and its products is available at http://www.hyundai-motor.com
Statements made in this press release regarding future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including those regarding a positive impact from new business programs, exploitation of technology, expansion into niche markets, incremental business and continuing market strength are based on Modine's current expectations. 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, market acceptance and demand for products and technologies; successful launch by Modine of the above described program; success of the above described platform in which Modine’s products are included; non-cancellation of the platform or Modine as a supplier; the ability of Modine, its customers and suppliers to achieve projected sales and production levels and avoid unanticipated product or manufacturing difficulties; and other factors affecting Modine’s business prospects discussed in filings made by Modine, from time to time, with the SEC including the factors discussed in the "Cautionary Factors" section in Item 7 of the Company's most recent Annual Report on Form 10-K and its periodic reports on Form 10-Q. We undertake no obligation to publicly update any
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