Modine Wins Program to Supply SANY Heavy Industry Holding Co., Ltd. with $820,000 per Year in Excavator Air Conditioning Systems
RACINE, Wis.--Modine Manufacturing Company , a world leader in designing and developing heating and cooling solutions for a diversified group of markets, announced today it has won a program from SANY Heavy Industry Holding Co., Ltd., in Changsha, Hunan Province, China to supply air conditioning systems for small excavators. The program begins in early 2007 and extends for the next five years.
“SANY Heavy Industry is a fast growing domestic Chinese construction equipment manufacturer, and is one of our China-based customers, which currently purchases our air conditioning systems for their large excavators. Capitalizing on the rapid growth of the mini excavator segment in the China off-highway market, SANY will launch a new product line of under 13 ton excavators,” said Jerry Retallick, Managing Director of Modine Asia. “We are leveraging our technical strength from our research and development center in Asan City, South Korea to support SANY’s expansion into the small excavator market by designing and developing air conditioning systems. This is another successful example of Modine utilizing its resources across Asia to supply our technology to the off-highway air conditioner market. This project definitely supports Modine’s target markets in China - the off-highway, commercial vehicle and engine products segments,” added Retallick.
The air conditioner systems for SANY will be manufactured by Modine Asia beginning in February 2007. This incremental business win supports Modine’s strategic goal of four to six percent annual organic revenue growth. Including acquisitions, Modine’s five-year annual revenue growth goal is 11 to 13 percent.
About Modine
Founded in 1916, with fiscal 2006 revenues from continuing operations of $1.6 billion, Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilating, and air conditioning) equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. Based in Racine, Wisconsin, the company has approximately 9,000 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com.
About SANY Heavy Industry Holding Co.
SANY Heavy Industry Holding Co., Ltd., founded in 1994, is the core corporation held by SANY Holding. Its manufacturing base is located in the Changsha Economic and Technical Development Zone. In 2002, it had revenues of 1.15 billion RMB. In the report of Core Competitiveness Appraisal of China Mechanical Industry Companies, SANY Heavy Industry is ranked number 26 among the top one hundred mechanical industry companies, and number one in the engineering mechanical company category. SANY Heavy Industry is listed on the Shanghai Stock Exchange under the stock code 600031. Visit SANY at http://www.sany.com.cn/english/
Statements made in this press release regarding future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including those regarding a positive impact from new business programs, exploitation of technology, expansion into niche markets, incremental business and continuing market strength are based on Modine's current expectations. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties including, but not limited to, market acceptance and demand for products and technologies; successful launch by Modine of the above described program; success of the above described platform in which Modine’s products are included; non-cancellation of the platform or Modine as a supplier; the ability of Modine, its customers and suppliers to achieve projected sales and production levels and avoid unanticipated product or manufacturing difficulties; and other factors affecting Modine’s business prospects discussed in filings made by Modine, from time to time, with the SEC including the factors discussed in item 1A Risk Factors and in the "Cautionary Factors" section in Item 7 of the Company's most recent Annual Report on Form 10-K and its periodic reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.