Modine Wins Multi-Year Construction Equipment Contract with Volvo Construction for Excavators, Wheel Loaders & Articulated Haulers

RACINE, Wis.--April 28, 2005--Modine Manufacturing Company , a diversified global leader in thermal management, announced today it has won a multi-year contract to supply Volvo Construction Equipment with engine cooling modules for its various product lines, including excavators, wheel loaders and articulated haulers, starting in 2005. Volvo CE, headquartered in Brussels, Belgium, is one of the world's largest manufacturers of construction equipment.

The contract, estimated to be worth more than $20 million per year through 2010, will focus on complete cooling modules for Volvo CE's construction equipment in the medium and heavy-duty category. The modules will feature Modine's new and broad range of aluminum radiators, charge air coolers and oil coolers. Using its state of the art thermal transfer technology, coupled with its global manufacturing centers, Modine has differentiated its new off-highway radiators from competing products for this market.

"Our common global design made the difference to Volvo CE," said Klaus Feldmann, Group Vice President, Modine Europe. "Many of these products are developed on a platform basis, which means there is a commonality among the different applications. Volvo CE wanted that in a long-term strategic partnership."

"We expect to expand our market share, and we need partners who share that vision and drive," said Volvo CE Lorenzo Terreno, Vice President Product Portfolio & Advanced Engineering.

The radiators, charge air coolers and oil coolers will be made at Modine's heavy-duty plants in Camdenton, Missouri; Jefferson City, Missouri; Kirchentellinsfurt, Germany; Tubingen, Germany; Asan City, South Korea; and later from Modine's joint venture, Radiadores Visconde, Sao Paulo, Brazil. Most of the radiators will be the new aluminum design, which provides the same or superior level of performance and durability as current products, while offering more cost-effective solutions.

The cooling modules will be sent to Volvo CE facilities in South Korea, Germany, United States, China, Sweden and Brazil.

"This is a good fit for us because Modine and Volvo have the same corporate philosophies and core values," said Tom Cromwell, Modine's Managing Director of the Heavy-Duty Business Unit in Modine Europe. "We have supplied them with product for many years, but this represents a far broader and more worldwide partnership. We look forward to strengthening our relationship with Volvo in the years ahead."

Modine, with fiscal 2004 revenues of $1.2 billion, specializes in thermal management systems and components, bringing heating and cooling technology and solutions to diversified global markets. The Company's products are used in light, medium, and heavy-duty vehicles, HVAC equipment, industrial equipment, refrigeration systems, fuel cells and electronics. Modine employs more than 8,700 people worldwide at 36 facilities. More information about Modine can be found at www.modine.com.

Volvo CE employs over 9,000 people, and is headquartered in Brussels, Belgium. It is part of the Volvo Group, one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services. The Volvo Group, which employs about 78,000 people, has production facilities in 25 countries and sells their products in more than 185 markets. In 2004, sales of the Volvo Group amounted to 201,496 million SEK(1). The Volvo Group is a publicly-held company headquartered in Gothenburg, Sweden. Volvo shares are listed on the stock exchanges in Stockholm and on NASDAQ in the US.

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 31 of the Company's 2004 Annual Report to Shareholders and other recent Company filings with the Securities and Exchange Commission. Specifically, this news release contains forward-looking statements regarding incremental business. 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; 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.

(1) Approximately 28.6 billion USD