Modine Manufacturing Company reports that price increases are being implemented for all parts supplied for non-production (service/replacement) requirements from the company’s Original Equipment - North America vehicular and equipment plants. “These actions reflect the reality of the current business environment,” says James R. Rulseh, Modine regional vice president – Americas. “They represent one of the ongoing steps necessary to ensure the viability of both our current production and legacy businesses." The general adjustment will result in a minimum 15 percent increase in prices for the effected part numbers and is in response to the escalation of costs to produce legacy models. These costs have continued to impact Modine’s financial performance in the Original Equipment - North America business segment, as reflected in the company’s fiscal 2008 earnings announcement. This adjustment is one of several ongoing initiatives that support Modine's repositioning program to improve its cost structure, asset utilization, and ability to effectively support customers on a long-term basis. For more information, visit www.modine.com. |
