Modine Manufacturing Bolsters Europe Operations To Meet Demand Growth

by Shivani Kumaresan, Benzinga Staff Writer

May 16, 2023 12:01 PM | 1 min read | Make a Comment

Modine Manufacturing Co MOD said it is expanding operations at its current location in Sremska, Serbia.
The move is to meet the growing demand from the heat pump market in Europe.
The facility, slated to be completed later this year, will be a dedicated manufacturer of coils for commercial and residential heat pump applications.
Government regulation to reduce fossil fuel consumption and greenhouse gas emissions across industries has led to increased policy support and incentives to install heat pumps.
"The market for heat pumps is experiencing tremendous growth in Europe and we want our manufacturing centers closer to our key customers," said Eric McGinnis, President, Climate Solutions.
Price Action: MOD shares are trading lower by 0.10% at $20.55 on the last check Tuesday.