Modine's Electronics Cooling Group Expands Taiwan Facility To Meet New Demands

RACINE, Wis.--March 25, 2004--Modine Manufacturing Company through its Electronics Cooling Group, Thermacore International, Inc., announced today it will expand its Taiwanese facility to more than double the production of its high performance heat pipes. Heat pipe technology is the critical component necessary to efficiently remove heat from high performance chips in electronics such as computers and servers.

The expansion will increase the production capacity for sintered heat pipes at the Hsinchu, Taiwan facility, to more than 1.2 million units per month. "This expansion allows us to meet the rapidly growing needs of our customers as more computers are designed with heat pipe enhanced thermal solutions. Those new designs will create an enormous demand for heat pipes," said Thomas Neyens, General Manager, Thermacore.

"This is the first step in our plan to expand heat pipe capacity in Asia. We will continue to invest in maximizing our capacity, in anticipation of increasing market demand. We want to be ready to help our customers excel as their needs change," said Neyens.

Currently, most laptop computer models include a heat pipe as part of their thermal solution, but most desktop computers do not. Starting with 2004 models, that's changing. More than 100 million desktop computers sold annually could potentially require heat pipe technology. Today, many manufacturers are including multiple, heat pipe thermal solutions in their desktop, notebook and server computers, which opens a greater market to heat pipes and a greater demand.

"This is the future for thermal solutions. It's an under-served market and we are putting the infrastructure in place to support the growing demands of the market place," said David Rayburn, Modine's President and Chief Executive Officer. "This expansion is critical both strategically and financially," said Rayburn.

Thermacore, through its parent company, Modine, invested in a new facility last year in Hsinchu, Taiwan. In February 2004 the plant was awarded the ISO-9001: 2000 honor, which means the plant is now recognized as having superior quality systems by a third party registrar and by their customers. "We are making sure this facility has the latest technology, equipment, systems and processes," said Neyens. "This expansion will also cut our lead time to customers, allowing us to help them to meet their deadlines."

Thermacore is a global supplier of thermal solutions for the computer, communications, military/aerospace, medical, test equipment and power electronics industries. Visit Thermacore on the web at www.thermacore.com or e-mail to info@thermacore.com. With manufacturing and design locations in the USA, Mexico, United Kingdom, Taiwan, Japan, and Korea, Thermacore provides quality manufacturing to OEMs worldwide with local design support and manufacturing.

Thermacore and Modine employ more than 500 thermal design engineers focused on providing cooling solutions to their customers. Modine specializes in thermal management, bringing heating and cooling technology to diversified markets, employing nearly 8,000 people at 34 production facilities worldwide. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilating, air conditioning) equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. For more information and pictures of our plants go to the Internet at www.modine.com.

This news release contains 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. 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 Modine's 2003 Annual Report to Shareholders and other recent Modine filings with the Securities and Exchange Commission. These forward-looking statements are 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 and Thermacore, their 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.