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Modine Manufacturing Company and OneGene, Inc. Sign Joint Venture Agreement to Supply Powertrain Cooling Products to South Kore

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  Published in House and Home on Wednesday, April 13th 2011 at 6:15 GMT by Market Wire
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RACINE, Wis. & SEOUL, Korea--([ BUSINESS WIRE ])--Modine Manufacturing Company (NYSE:MOD) and OneGene, Inc. announced today the signing of a Joint Venture Agreement for the formation of a 50/50 joint venture to develop and manufacture powertrain cooling modules and components for the South Korea off-highway equipment market. The planned joint venture, to be named Modine OneGene Corp., will be headquartered on property adjacent to OneGenea™s existing facility in Chungcheong Buk-Do, South Korea and is expected to begin operations in the summer of 2011. The new business will be built on the long standing relationship between the parent companies and will benefit from Modinea™s superior technology and product designs and OneGenea™s focus on high quality manufacturing and its presence in Korea.

"It is critical to support these customers with local engineering, sales, manufacturing and logistics. Our joint venture with OneGene will accomplish this goal."

aThe Korean market and the targeted off-highway customers represent a very important piece of Modine Asiaa™s growing powertrain cooling business,a stated Tom Marry, Modinea™s Regional Vice President- Asia & Commercial Products Group. aIt is critical to support these customers with local engineering, sales, manufacturing and logistics. Our joint venture with OneGene will accomplish this goal.a

aWe are pleased to combine the strengths of our individual organizations to serve the market with exceptional value and customer support, which will be enabled by Modinea™s leading technology and product offerings in conjunction with OneGenea™s reputation for competitiveness that is built on its expedient and skillful manufacturing capabilities,a said Kwang Ho Park, President and Representative Director of OneGene. aOur experience working with Modine gives us confidence that the customers will benefit from this venture and that all parties will gain as a result of our efforts.a

About Modine

With fiscal 2010 revenues of $1.2 billion, Modine Manufacturing Company specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modinea™s products are used in light, medium and heavy-duty vehicles; agricultural, construction and industrial equipment; heating, ventilation, air conditioning and refrigeration systems; and alternative energy systems. Modine employs approximately 6,300 people at 28 facilities in 14 countries. Modinea™s stock trades on the New York Stock Exchange under ticker symbolMOD. For more information, please visit[ www.modine.com ].

About OneGene

OneGene is a privately owned company specializing in heat exchangers and electrical components for the Korean automotive industry since 1984. With subsidiaries in India and the United States, OneGene has built a reputation with the Korean customer as a reliable source of high quality thermal related products for Hyundai, Kia and Ford Motor Company. For more information, please visit [ www.onegene.com ]

Forward-Looking Statements

This press release contains statements, including information about future performance, accompanied by aforward-lookinga 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, including, but not limited to, those described under "Risk Factors" in Item 1A of Part I of Modine's Annual Report on Form 10-K for the year ended March 31, 2010 and under Forward-Looking Statements in Item 7 of Part II of that same annual report and Modinea™s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2010, September 30, 2010 and December 31, 2010. Modine does not assume any obligation to update any forward-looking statements.