Modine Manufacturing Company Business Report FY2011

Business Highlights

Financial Overview

(in million dollars)
  FY2010 FY2009 Rate of
change (%)
Sales 1,448.2 1,162.6 24.6 -
Operating Income 9.2 (20.2) - -
OE- Asia
Sales 63.9 32.2 98.4 -
OE- Europe
Sales 546.7 469.3 16.5 1)
OE- North America
Sales 527.1 412.9 27.7 2)
South America
Sales 158.9 117.6 35.1 3)

OE- Europe
-Fiscal 2011 sales have increased primarily in the premium automotive and commercial vehicle markets.

OE– North America
-The sales volume recovery in 2011, specifically in the commercial vehicle, agriculture and construction markets, resulted in strong revenue and operational results.

OE- South America
-Net sales improved $41 million in fiscal 2011, as sales volumes recovered from the economic downturn in the Brazilian commercial vehicle and agriculture markets as well as within the Brazilian aftermarket business.

Plant Closure

-The company has completed the closure of its manufacturing facility in Pemberville, Ohio, USA, during the fourth quarter (January - March 2010) of FY2010. The plant produced copper-brass radiators and other vehicle heating and air conditioning components. (From a press release on June 3, 2010)


R&D Expenditure

(in million dollars)
  FY2010 FY2009 FY2008
Overall 67.0 56.9 73.2

R&D Structure

-To achieve efficiencies and lower developmental costs, the Company's research and engineering groups work closely with its customers on special projects and systems designs.


-It has been granted and/or acquired more 2,000 patents worldwide over its life.

R&D Activities

-Recent R&D projects have included development of waste heat recovery systems for major U.S.-based engine and truck manufacturers in conjunction with the U.S. Department of Energy to help these manufacturers meet ever increasing demands for emissions reduction, while simultaneously improving powertrain efficiency and, thus, fuel economy; next generation aluminum radiators for the commercial vehicle, agricultural and constructions markets; and EGR technology, which enables our customers to efficiently meet tighter regulatory emissions standards.

Investment Activities

Capital Expenditure

(in thousand dollars)
  FY2010 FY2009 FY2008
Original Equipment- Asia 10,796 8,036 16,047
Original Equipment- Europe 24,957 36,640 54,485
Original Equipment- North America 11,329 12,919 25,949
South America 4,127 2,532 3,970
Commercial Products 3,857 1,871 2,157
Corporate and administrative (5) (1,922) -
Capital expenditures-
continuing operations
55,061 60,076 102,608
Capital expenditures-
discontinued operations
- 221 653
Total capital expenditures 55,061 60,297 103,261