RACINE, Wis. — Modine Manufacturing Company, a thermal management technology and solutions company, announced today it has been awarded programs from Hyundai Heavy Industries Co., Ltd. of Ulsan, South Korea, to supply air conditioning systems for all the 9-Series Excavators in Korea and China, and the engine cooling module for the 9-Series R1400W Excavator in Korea.
The combined programs are valued at $60 million, with production expected to begin in mid 2008 and extend for at least five years.
The air conditioning systems and the engine cooling module will be manufactured at the Modine facilities in Asan City, South Korea, and Shanghai, China, leveraging engineering and testing capabilities in Korea for product development.
The contract award exemplifies the company objective of global diversification with the expansion into other markets in Asia. The new Hyundai business also supports the company’s five-year annual organic growth objective of four to six percent and the overall revenue growth goal, including acquisitions, of 9 to 13 percent.
“This win gives us a strong position in the passenger thermal management market for Hyundai Heavy Industries as it is the next generation of the current 7-Series Excavators,” said Jerry Retallick, managing director of Modine Asia.
“We have made significant progress in building a long-term relationship with this important customer, and we are expanding powertrain cooling module sales for the next generation of their products.”