Modine Board Forms Technology Committee to Strengthen Focus on New Product Development and Process Advancements
Modine Manufacturing Company (NYSE:MOD), a diversified global leader in thermal management technology and solutions, announced today that its board of directors has created a Technology Committee to oversee strategic technical and commercial innovations and opportunities to improve the company’s long-term competitiveness. The committee is expected to play an active and creative role in helping to set Modine’s technology and commercial strategies.
The five-member committee will oversee the evaluation of technologies as they relate to new and existing products, with a focus on the technology pipeline and the enhancement of market opportunities. They will also assist in establishing metrics to evaluate the impact of technologies on Modine’s global business lines. The committee is chaired by Dr. Frank P. Incropera, Clifford and Evelyn Brosey Professor of Mechanical Engineering and former McCloskey Dean of the University of Notre Dame’s College of Engineering and a board member since 1999. The other members are Frank Jones, Vincent Martin, Gary Neale and Charles Cooley. Tom Burke, Modine Executive Vice President and Chief Operating Officer, and Dr. Anthony De Vuono, Modine Vice President and Chief Technology Officer, will be the officers connected to the committee.
“This new standing committee will provide a further focus on technology that will improve our ability to compete and grow in today’s highly competitive global market,” said David Rayburn, Modine President and Chief Executive Officer. “Each year, the bar is set higher and higher in terms of technology. We believe the committee will enhance our ability to make the right decisions when it comes to developing and applying technology to meet customers’ needs.”
In forming the Technology Committee, Modine joins a relatively small and select group. Fewer than 20 percent of U.S. publicly traded companies have such board committees.
“The company believes that the increased board attention will help early stage development activities and also provide a strong base for making key decisions on growth opportunities, manufacturing process advancements and new-generation product strategies,” said Dr. Incropera. “All of our board members wanted to have a deeper understanding of the research and development process, which we believe will allow the board to enhance the investment decisions that we make.”
“The global thermal management market is enormous and is growing at above gross domestic product levels,” said Dr. De Vuono. “There are many more projects and opportunities than we can effectively address. Our board members won’t be involved with the development of specific product and process technologies, but they will assist with the identification and prioritization of research and development opportunities that provide the greatest prospects for commercial success. Ultimately, we are confident this will add value to our development process and differentiate Modine’s technologies in the markets we serve.”
About Modine
Founded in 1916, with fiscal 2007 revenues from continuing operations of $1.8 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 equipment, industrial equipment, refrigeration systems, fuel cells and electronics. Based in Racine, Wisconsin, the company has approximately 7,700 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com.