Modine Announces Annual Meeting Results
RACINE, Wis.--Modine Manufacturing Company , a diversified global leader in thermal management technology and solutions, announced today that shareholders approved measures voted on at the company's annual meeting held yesterday. Shareholders took action as follows:
- Elected three directors, Frank W. Jones, Dennis J. Kuester, and Michael T. Yonker for terms expiring in 2012;
- Approved the proposed amendment to the company’s Amended & Restated Articles of Incorporation to provide for a majority voting standard for the election of directors;
- Approved the proposed amendment to the company’s Bylaws to provide for a majority voting standard for the election of directors; and
- Ratified the appointment of PricewaterhouseCoopers LLP as independent auditors.
A total of 32,236,227 shares, constituting 91 percent of the outstanding shares entitled to vote, were represented at the meeting, which was held in The Pfister Hotel in Milwaukee, WI, and chaired by Gary L. Neale, Non-Executive Chairman of the Board.
During the meeting, Thomas A. Burke, Modine President and Chief Executive Officer, and Bradley C. Richardson, Executive Vice President - Corporate Strategy and Chief Financial Officer, reviewed the company's fiscal 2009 performance and the previously-announced steps being taken to improve financial results and global competitiveness, including realignment of its manufacturing footprint, product portfolio rationalization, reduced selling, general and administrative (SG&A) costs and tighter capital resource allocation.
About Modine - www.modine.com
Modine, with fiscal 2009 revenues from continuing operations of $1.4 billion, 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, ventilation and air conditioning) equipment, industrial equipment, refrigeration systems and fuel cells. Based in Racine, Wisconsin, the company employs approximately 7,000 people worldwide at 32 facilities in 15 countries. For information about Modine, visit www.modine.com.