-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QawRTG+rbl+1w+B7O8o0iprY5x1sCkLyJHl65GzcJHyEboGlkxzHnC+XftC+738H NR1cy3c/fuvftCjAKoC0bw== 0000067347-07-000039.txt : 20070427 0000067347-07-000039.hdr.sgml : 20070427 20070427120628 ACCESSION NUMBER: 0000067347-07-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070426 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070427 DATE AS OF CHANGE: 20070427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MODINE MANUFACTURING CO CENTRAL INDEX KEY: 0000067347 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 390482000 STATE OF INCORPORATION: WI FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01373 FILM NUMBER: 07794240 BUSINESS ADDRESS: STREET 1: 1500 DEKOVEN AVE CITY: RACINE STATE: WI ZIP: 53403 BUSINESS PHONE: 2626361200 8-K 1 f8k_42607jackson.htm FORM 8-K - CLOSING OF JACKSON PLANT Form 8-K - Closing of Jackson Plant
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549



FORM 8-K

CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934

Date of Report (Date of earliest event reported):

April 26, 2007


Modine Manufacturing Company
Exact name of registrant as specified in its charter


Wisconsin
1-1373
39-0482000
State or other jurisdiction of incorporation
Commission File Number
I.R.S. Employer Identification Number


1500 DeKoven Avenue, Racine, Wisconsin
53403
Address of principal executive offices
Zip Code


Registrant s telephone number, including area code:
(262) 636-1200

Check the appropriate below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

[ ] Written communications pursuant to Rule 425 under the Securities Act
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act



TABLE OF CONTENTS

ITEM 2.05 Costs Associated With Exit or Disposal Activities

ITEM 9.01     Exhibits

SIGNATURE

Exhibit Index




INFORMATION TO BE INCLUDED IN THE REPORT

Item 2.05 Costs Associated with Exit or Disposal Activities

On April 26, 2007, Modine Manufacturing Company (the “Company”) announced its conditional plans to close its Jackson, Mississippi manufacturing plant. The decision is conditioned upon the conclusion of decision bargaining with the union at the facility.

The conditional decision to close the Jackson plant was communicated to affected employees on April 26, 2007. If decision bargaining results in the closing being implemented, the closure of the Jackson facility is expected to be completed by the end of the first quarter of the Company’s fiscal year ending March 31, 2009. This activity is part of the Company’s previously announced ongoing cost reduction initiatives of its Global Repositioning Plan.

In conjunction with this action, the Company currently expects to incur approximately $4.3 million in pre-tax charges over the closure period, consisting of $1.5 million of employee-related costs (subject to union decision bargaining) and $2.8 million of other related costs. Cash-related expenditures for this closure action are expected to be approximately $4.3 million.

A copy of the press release announcing this item is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

This Form 8-K contains forward-looking statements as indicated by the use of the words “expects” and “currently expects.” Actual events or results may differ materially from those statements. For information about the factors that could cause such differences, please refer to the Company’s Annual Report on Form 10-K for the year ended March 31, 2006, including the information in Items 1A and 7 of that report, and the Company’s periodic reports on Forms 10-Q.

ITEM 9.01.    Exhibits

Exhibit 99.1
 
Press Release dated April 26, 2007 announcing steps in Company’s Global Repositioning Plan



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.


Modine Manufacturing Company
 
 
By: /s/ David B. Rayburn
David B. Rayburn
President and Chief Executive Officer
 
 
By: /s/ Dean R. Zakos
Dean R. Zakos
Vice President, General Counsel
     and Secretary


Date: April 27, 2007





EXHIBIT INDEX


Exhibit Number
Description
Exhibit 99.1
 
 
Press Release dated April 26, 2007 announcing steps in Company’s Global Repositioning Plan

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Exhibit 99.1

NEWS RELEASE
For Immediate Release  
Contact: Wendy Wilson 262-636-8434 w.wilson@na.modine.com
 

Modine Announces Conditional Plans to Close Jackson, Mississippi facility

RACINE, Wis., April 26, 2007- Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today announced conditional plans to close its manufacturing plant in Jackson, Mississippi. The decision is dependent on the conclusion of bargaining with the union at the Jackson facility. This action is part of Modine’s strategic repositioning program announced in 2007 that is intended to support Modine’s growth and profitability goals.

“Although this was a very difficult decision to make, we believe it is in the best long-term interest of the company,” said Tom Burke, Modine Executive Vice President and Chief Operating Officer. “We must maintain a competitive cost structure to stay profitable and meet our responsibilities to our customers, our shareholders and our employees. As demand for older copper and brass radiator technology slows and demand for newer technology is increasing, we are consolidating the production of our remaining copper and brass radiator business in fewer facilities to maximize our asset utilization. Modine’s Pemberville, Ohio and Jefferson City, Missouri plants will have the business transferred to their locations following a definitive agreement with Modine’s Jackson, Mississippi union. This is one of several steps we are taking to increase asset utilization in our U.S. plants, which should, in turn aid our programs to increase margins.”

“Repositioning our manufacturing footprint in this manner is one part of our plan to improve margins and return on average capital employed,” said Dave Rayburn, President and Chief Executive Officer. “We have made substantial progress in all areas, including reducing SG&A expenses, further diversifying our customer base, markets, products and geography, sourcing products and components from areas that will enable margin improvement, and intensifying our focus on technology development.”

Modine purchased the Jackson plant in 2005 to make copper brass radiators for diesel-fueled vehicles and aluminum charge air coolers. The products serve both on-road and off-road markets, including Class 8 trucks, agricultural, construction, stationary power generators and military applications.

Founded in 1916, with fiscal 2006 revenues from continuing operations of $1.6 billion, Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilating, and air conditioning) equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. Based in Racine, Wisconsin, the company has more than 7,900 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com.
 
 
Statements made in this press release regarding future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including those regarding the benefits of Modine’s cost savings plans are based upon Modine’s current expectations. 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, international economic changes and challenges; continued market acceptance and demand for Modine’s products and technologies; and other factors affecting Modine’s business prospects discussed in filings made by Modine, from time to time, with the SEC including the factors discussed in Item 1A, Risk Factors, and the "Cautionary Factors" section in Item 7 of the Company's most recent Annual Report on Form 10-K and its periodic reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
 

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