Investment of $38 million through 2028 at existing Grenada, MS, facility will create more than 450 jobs
RACINE, Wis., May 19, 2025 /PRNewswire/ -- Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, is investing more than $38 million to expand manufacturing capacity for data center chillers. The planned investment through the end of 2028 will upgrade one of Modine's facilities in Grenada, MS, and is expected to create more than 450 jobs.
"Increasing our capacity to manufacture data center cooling equipment is just one example of how we're executing on our strategy to evolve our portfolio for long-term growth," said Neil D. Brinker, Modine President and Chief Executive Officer. "By repurposing the facility to meet demand from hyperscale and co-location data center customers, we're well-positioned to capture opportunities in our strategic growth markets."
Modine operates two facilities in Grenada, MS. The investment at one of the facilities is supporting building upgrades, product line expansion of Airedale by Modine™ chillers, and enhancements to state-of-the-art testing facilities. The Grenada lab will increase in capacity and, alongside Modine's facility in Rockbridge, VA, grows Modine's dedicated data center product development testing capabilities in the U.S. Chiller production is expected to begin at the facility later this summer.
"We are excited how our Grenada investment adds to our global manufacturing footprint for Airedale by Modine™ data center cooling solutions," said Eric McGinnis, President, Climate Solutions at Modine. "In addition to the Rockbridge facility, we're already serving data center customers worldwide from facilities in Canada, Spain, and the UK. And, we're looking forward to the first product coming off the lines in the coming months at our new facility in India."
"With Airedale by Modine™ technologies, global customers have a one-stop shop for mission-critical cooling solutions," said Art Laszlo, Group Vice President, Data Centers at Modine. "Whether it's our high-efficiency chillers, precision cooling units and modular fan walls or our intelligent controls and airflow management systems, we partner with our customers' to solve their most complex thermal management challenges."
About Modine
For more than 100 years, Modine has solved the toughest thermal management challenges for mission-critical applications. Our purpose of Engineering a Cleaner, Healthier World™ means we are always evolving our portfolio of technologies to provide the latest heating, cooling, and ventilation solutions. Through the hard work of more than 11,000 employees worldwide, our Climate Solutions and Performance Technologies segments advance our purpose with systems that improve air quality, reduce energy and water consumption, lower harmful emissions, enable cleaner running vehicles, and use environmentally friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe, and Asia. For more information about Modine, visit modine.com.
Media Contact:
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Forward-Looking Statements
This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "intends," "projects," and other similar "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under "Risk Factors" in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended March 31, 2024 and under Forward-Looking Statements in Item 7 of Part II of that same report and in the Company's Quarterly Report on Form 10-Q for the quarters ended June 30, 2024, September 30, 2024, and December 31, 2024. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, energy costs, government incentive or funding programs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, public health threats, and military conflicts, including the conflicts in Ukraine and in the Middle East and tensions in the Red Sea; the overall health and pricing focus of our customers; changes or threats to the market growth prospects for our customers; our ability to successfully realize anticipated benefits, including improved profit margins and cash flow, from our strategic initiatives and our application of 80/20 principles across our businesses; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to accelerate growth organically and through acquisitions and successfully integrate acquired businesses; our ability to successfully exit portions of our business that do not align with our strategic plans; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and warranty claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology ("IT") systems; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this press release, and we do not assume any obligation to update any forward-looking statements.
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