Modine Launches New Aluminum Radiator Technology for Heavy Duty Market

RACINE, Wis.--Feb. 9, 2004--Modine Manufacturing Company announced today a major product shift, offering for the first time a broad range of new aluminum radiators for the heavy duty off-highway market. Using its state of the art thermal transfer technology, Modine has differentiated its new off-highway radiators from competing products for this market.

"We're migrating to aluminum radiators because they bring the same or superior level of performance, and durability as current products, while providing more cost-effective solutions for our customers. Plus, they are more environmentally friendly to manufacture," said John Hankey, General Manager of Modine's Heavy Duty and Industrial Division. This is because aluminum designs do not contain lead, as do the copper brass radiator designs historically used in the heavy-duty market.

Modine is currently producing the first of these new aluminum radiators to fill an anticipated $20 million of orders for North America and European customers over the next three years. The new aluminum radiators will be used in equipment produced by Modine's major heavy-duty customers, serving the construction, agriculture, and material handling markets, starting with 2004 generation machines.

Aluminum radiators represent a growing product segment in the heavy-duty market, and experts think it will one day represent the majority of the total off-highway radiator use. The new Modine aluminum radiator has a range of designs that will meet the evolving market needs and serve larger machines that have not used this product technology before.

Modine's radiator will be the first truly globally produced aluminum radiator in the market. "We believe the design and the global production capability we have, are what make us stand out," said Hankey. The new radiators will be manufactured in Camdenton, Missouri and Kirchentellinsfurt, Germany. In addition, Modine expects to use future regional manufacturing in South America and Asia.

This radiator line also meets Modine's mission to continue to be an environmentally sensitive company. For the past four years, Modine has been chosen by Business Ethics Magazine as one of the "100 Best Corporate Citizens," ranking first in the category of service to the environment.

Modine specializes in thermal management components, bringing heating and cooling technology to diversified markets. Modine's products are used in light, medium, and heavy-duty vehicles, HVAC equipment, industrial equipment, refrigeration systems, fuel cells and electronics. More information about Modine can be found on the Internet at www.modine.com.

This news release may contain statements, including information about future financial performance, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "will," "intends," 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, which are identified on page 25 of the Company's 2003 Annual Report to Shareholders and other recent Company filings with the Securities and Exchange Commission. In addition, this news release contains a forward-looking statement regarding incremental business. As indicated in previous Company news releases and filings with the Securities and Exchange Commission, the Company is a development partner on these customer programs, which means that the products (and often technologies) are at this time mostly in the development phase. In many instances, the Company has not yet received production purchase orders for these programs. Because of the developmental nature of this incremental business, this forward-looking statement is particularly subject to a number of risks and uncertainties, including international economic changes and challenges; market acceptance and demand for new products and technologies, and the ability of Modine, its customers and suppliers to achieve projected sales and production levels; and unanticipated product or manufacturing difficulties. Modine does not assume any obligation to update any of these forward-looking statements.