Summary of Modine Manufacturing Company

Business Overview

• Core Business: Provides thermal management products and solutions across diverse markets.
• Key Markets:
  • Commercial, industrial, and building HVAC&R (Heating, Ventilation, Air Conditioning, and Refrigeration).
  • On- and off-highway OEM vehicular applications, including automotive, trucks, buses, and specialty vehicles.
  • Data center cooling systems.
  • High-performance heat transfer systems and components.

Key Technologies & Product Categories

• Data Center Cooling:
  • Precision air conditioning units, CRAC and CRAH units.
  • Hybrid fan coils, fan walls, chillers, condensers, liquid cooling solutions (e.g., coolant distribution units, immersion cooling).
  • Focus on reducing energy/water consumption and supporting sustainability goals.
• Heat Transfer Products:
  • Heat exchanger coils (round tube, plate fin construction).
  • Coatings to extend equipment life and prevent corrosion.
• HVAC&R:
  • Commercial and residential heating products: unit heaters, roof-mounted units, duct furnaces, infrared units, perimeter heaters.
  • Indoor air quality solutions: air handlers, unit ventilators, ceiling cassettes.
  • Refrigeration: evaporators, remote condensers, fluid and gas coolers, dry/brine coolers.
• Performance Technologies:
  • Fuel-efficient, emission-reducing solutions for vehicular and industrial use.
  • Air-cooled and liquid-cooled applications for engines, industrial power, and energy systems.
  • Advanced solutions for electric and hybrid vehicle battery cooling, electronics cooling, and e-axle components.

Geographical Reach

• Presence in 16 Countries across 4 Continents:
  • North America (U.S., Canada, Mexico)
  • South America (Brazil)
  • Europe (Germany, UK, Sweden, Hungary, Italy, Spain, Netherlands, Serbia)
  • Asia (China, India, South Korea, United Arab Emirates)
• Main Manufacturing Facilities:
  • 41 total, with 21 leased.
  • Focused on North America, Europe, and Asia.

Customers & Market Position

• Customer Count:
  • Top five customers account for a significant portion of sales.
  • The ten largest customers represent approximately 43% of net sales (fiscal 2025).
  • Major customers include Carrier, Caterpillar, Deere, Stellantis (Chrysler, Fiat, Peugeot, VM Motori), Trane, Volkswagen (Audi, MAN, Porsche, Scania, International), Volvo (including Mack Trucks, Renault Trucks).
• Customer Relationships:
  • Many products sold based on individual purchase orders.
  • Long-term sales agreements (3–5 years) with some customers to reduce risk.
• Market Sectors:
  • Data center operators
  • Healthcare and education facilities
  • HVAC OEMs
  • Construction, industrial, and agricultural OEMs
  • Vehicle OEMs (cars, trucks, buses, specialty vehicles)
• Competitive Environment:
  • Competes with global manufacturers, some of whom benefit from lower labor and tax costs.
  • Investing in geographic and capacity expansion to address international competition.

Employees & Financials

• Employees: Approximately 11,300 worldwide (as of March 31, 2025).
• Revenue:
  • Fiscal 2025 net sales: $2.6 billion (up 7% from $2.4 billion in fiscal 2024).
• Operating Income:
  • Fiscal 2025: $283 million (up $42 million from fiscal 2024).
• Net Earnings:
  • Fiscal 2025: $186 million (about 7.2% of sales).
• Market Capitalization & Ownership:
  • Approximately 88% of outstanding shares are held by non-affiliates.
  • Market value (~September 2024): Approx. $6.12 billion based on market price of $132.79 per share.
• Shareholders:
  • No dividends paid during fiscal 2024 or 2025.
  • Common stock traded on NYSE under symbol MOD.

Underlying Focus

• Innovation in environmentally responsible solutions.
• Expanding product lines for data centers, indoor air quality, and low-emission technologies.
• Leveraging proprietary thermal technologies, technological innovation, and strategic acquisitions (e.g., Scott Springfield Manufacturing, Napps, AbsolutAire).
• Driving growth through sustainability, efficiency, and customer-centric innovation.