RACINE, Wis. (AP) -- Modine Manufacturing Co. says it will cut about 170 employees and contractors, or about 25 percent of the work force at its Racine headquarters.
Modine's products include components for heating and cooling systems in the automotive and industrial markets.
The company said Monday it is also planning to significantly reduce its work force at its European headquarters in Bonlanden, Germany.
Modine says the job cuts are part of a cost-cutting plan designed to return the company to profitability. In its latest earnings release in October, the company said it lost $13.2 million, compared with a profit of $10.4 million in the same quarter a year ago.
Modine says its global operations have been severely hurt by the worldwide economic crisis.