Divestiture reflects corporate strategy to focus on higher-margin technologies with strong growth drivers RACINE, Wis., Sept. 6, 2023 /PRNewswire/ -- Modine (NYSE: MOD) a diversified global leader in innovative thermal management technology and solutions announced today that it has signed a definitive agreement to sell three Modine businesses based in Germany to affiliates of Regent LP The businesses are located in Neuenkirchen The sale is expected to be completed in the next few weeks pending regulatory approval "The sale of these businesses is in line with our strategy to focus our resources on high-margin technologies with strong growth drivers," said Neil Brinker President and Chief Executive Officer of Modine "These businesses produce and service non-strategic parts for internal combustion diesel and gasoline engines in the European automotive market Coming on the heels of Modine's acquisition of Napps Technology the divestiture of these businesses represents our continued commitment to focus on innovative engineered solutions that help us achieve our long-term margin targets and furthers our purpose of engineering a cleaner The businesses manufacture exhaust gas recirculation coolers radiators and charge air cooler modules for automotive internal combustion engine applications in Europe the combined revenue from the businesses was between $80-$90 million "We've been clear that Modine's priorities for its vehicular businesses are to focus on the most value-added technologies and systems while rationalizing non-strategic product lines," said Adrian I radiators and charge air cooler modules for automotive internal combustion engines in Europe were not in line with our focus on investing in product lines and systems with strong tailwinds We will continue to serve key end markets with our world-class technologies for years to come." Investor Contact: Kathleen Powers; [email protected]; (262) 636-1687Media Contact: [email protected] Forward-Looking StatementsThis 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 performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties 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 quarter ended June 30 the following: the impact of potential adverse developments or disruptions in the global economy and financial markets along with supply chain challenges or supplier constraints sanctions and other trade issues or cross-border trade restrictions; the impact of other economic 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 restrictions associated with importing and exporting and foreign ownership including the impact on demand for our products and the markets we serve the military conflict in Ukraine and other matters that have been or may be implemented in the U.S or abroad; the overall health and pricing focus of our customers; our ability to successfully realize further 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 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 and product transfers; the impact on Modine of any significant increases in commodity prices 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 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; and other risks and uncertainties identified in our public filings with the U.S 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 is now offering an AI-enhanced version of its Cooling System Optimizer™ announced today that it had entered into a .. 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E20 House by Steimle ArchitektenJun 11, 2017 8:27 pm EDTSteimle Architekten recently completed E20 House located on the outskirts of the small town of Pliezhausen thanks to the rough-sawn wooden board formwork the concrete has the appearance of a solid the folded concrete surfaces are smooth by design and contrast with the warm hues of the solid oak fixtures -1===document.cookie.indexOf("jvv=1")&&((adsbygoogle=window.adsbygoogle||[]).requestNonPersonalizedAds=1);(adsbygoogle = window.adsbygoogle || []).push({});Photography: Brigida Gonzalez Stuttgart Germany Phone 0711 28 04 100 10 Website steimle-architekten.com Category Architectural Design Studios has filed for insolvency for itself and its companies at the Tübingen district court The lawyer Tobias Wahl from the law firm Anchor Rechtsanwälte was appointed as the provisional insolvency administrator The traditional Stuttgart store Spielwaren Kurtz is also part of the KFH The company announced that the final trigger for the insolvency applications was the massive impact of the corona pandemic on KFH Business operations at over 40 sales outlets are currently shut down due to the restrictions imposed by the state of Baden-Württemberg The closures are associated with a significant drop in sales while costs remain almost the same The crisis hit the KFH in a phase in which it had to reposition itself because important licensing business with the Steiff and Marc O'Polo Junior licenses had been lost the market for baby and children's clothing has been subject to significant shifts for several years resulting in falling sales and lower margins This has presented companies with ever greater financial difficulties In crisis situations such as the current corona pandemic KFH and its companies lacked the means to compensate for a permanent decline in sales The companies affected by the insolvency filings are Kanz Financial Holding GmbH KG and Kids Retail Group GmbH with the subsidiaries S&D GmbH Spielwaren Kurtz GmbH and Build a Bear Deutschland GmbH The provisional insolvency administrator Tobias Wahl and his team are currently obtaining an overview of the economic situation of KFH and its companies The aim is to stabilize and realign the business operations of the companies specializing in children's textiles and toys Initially there is an increased focus on securing wholesale trade it is not yet possible to predict when the Kids Retail Group GmbH's over 40 own retail branches will reopen the approximately 420 employees in the German companies are currently receiving their wages and salaries via short-time work benefits from the Federal Employment Agency The employees were informed about the bankruptcy and the next steps in a circular email “These are extraordinary and difficult times for everyone involved our team and I will do everything we can to preserve KFH and its companies in the best possible way and to find a future solution for them We will immediately hold discussions with all key parties involved and explore solutions,” says Tobias Wahl We always keep you up to date: with our free newsletter SHOEZ compact You will regularly receive all information from the shoe industry in a clear form when a new magazine is published US Managing Director Peter Sachs hands over to Lance Taylor Alchemy plans to take over almost half of the Austrian shoe retailer Second best financial year in the company's history Creditors' meeting decides against P&C's takeover offer Sanela Krisat becomes International Sales Director sales representatives and business partners throughout the DACH association Telephone: +49 (0) 6 41 / 7 95 08 – 0Fax: +49 (0) 6 41 / 7 95 08 – 15Email: info@shoez.biz Designed by willsch-media.de