Modine Expanding In Europe, North America

Maker of heating and cooling systems for buildings and vehicles said Friday it was expanding its refrigerant components business in Europe and North America.

RACINE, Wis. (AP) -- Modine Manufacturing Co., which makes heating and cooling systems for buildings and vehicles, said Friday it was expanding its refrigerant components business in Europe and North America.

Modine said it broke ground last month on a plant in Kottingbrunn, Austria, that will supply condensers to the European automotive market. Production is slated to begin in July 2009, and work will be moved from an existing facility in Berndorf, Austria, by November 2009, according to the company.

The company said it had also committed unspecified "additional financial resources to expand its North American condenser manufacturing capabilities."

Modine shares fell 30 cents, or 3 percent, to $9.30 in afternoon trading.

More in Operations