RACINE, Wis. - Modine (NYSE:MOD) Manufacturing Company (NYSE: MOD), a leader in thermal management technology and solutions with a market capitalization of $6.45 billion, has announced the opening of a new manufacturing facility in Chennai, India, scheduled for mid-2025. The company, which has delivered an impressive 107% return to investors over the past year according to InvestingPro, will produce advanced cooling technologies under the Airedale by Modine™ brand, aimed at the data center market, and cooling modules for stationary power generation equipment.
The establishment of the Chennai facility is part of Modine’s strategy to address the growing demand for data center cooling solutions, which has been spurred by the increase in high-performance computing and AI. With annual revenue of $2.48 billion and a strong current ratio of 1.77, indicating solid financial health, the company continues to expand its global manufacturing footprint, which saw recent additions in Calgary, Canada, and Bradford, UK.
Neil D. Brinker, President and CEO of Modine, emphasized the strategic nature of the expansion, highlighting India’s burgeoning economy, skilled labor force, and enhanced connectivity as key factors in serving the data center industry in India, Asia, and the Middle East.
Art Laszlo, Group Vice President of Global Data Centers at Modine, pointed out the company’s commitment to research and development, ensuring that their technologies are tailored to meet the specific cooling challenges of data centers in various regions.
Matthew Powell, Vice President and General Manager of Air-Cooled Applications, mentioned that the new facility will also bolster Modine’s ability to supply cooling modules for stationary power generation, which are crucial for primary and backup power at data center campuses.
This will be Modine’s second facility in India, complementing the existing Modine Thermal Systems India, which has been operational since 2007 and focuses on cooling solutions for off-highway and commercial vehicles, as well as power generation equipment.
Modine, headquartered in Racine, Wisconsin, has over a century of experience in thermal management and operates with a workforce of more than 11,000 employees globally. The company’s Climate Solutions and Performance Technologies segments contribute to its mission of improving air quality and conserving natural resources.
The information provided in this article is based on a press release statement from Modine.
In other recent news, Modine Manufacturing Company announced the appointment of Dan Hedstrom as its new Chief Information Officer (CIO), succeeding Steve Langer. Hedstrom is tasked with leading the global IT function and advancing Modine’s digital strategy, with a focus on performance, productivity, and cybersecurity. Prior to Modine, Hedstrom held a Vice President and CIO role at Cubic (NYSE:CUB) Corporation, boasting a strong background in scaling IT systems to support business growth.
In financial developments, Modine’s first-quarter results surpassed expectations, prompting an upgraded financial outlook for fiscal 2025. The company now anticipates adjusted EBITDA to fall between $375 million and $395 million. This positive performance has led to DA Davidson increasing its price target for Modine to $155 from the previous $140, while maintaining a buy rating on the stock.
In governance news, Modine’s annual shareholder meeting saw the election of three directors and the approval of executive compensation, indicating shareholder confidence in the company’s leadership. Both DA Davidson and Oppenheimer have maintained positive ratings on Modine’s shares, reflecting a belief in the company’s future performance. These recent developments underscore Modine’s strategic focus on growth areas such as data centers, HVAC, and liquid air ATS.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.