Modine Manufacturing shares fell to a 52-week low after the company said it was considering plant closures and additional restructuring measures, including talks with lenders.
The Racine-based maker of heating and cooling systems for vehicles and buildings said it was hurting because of a difficult business climate and a slower-than-expected recovery in sales to heavy-duty truck manufacturers.
Modine employs about 7,800 people at 33 facilities worldwide. In a news release, the company said it was "actively formulating plans" for additional restructuring, including plant closures and other significant measures in North America and Western Europe.
After the announcement, Modine shares fell nearly 17% to close at $16.91.
Friday, December 14, 2007
Plant closing a consideration as Modine shares fall to 52-week low
Modine Manufacturing stocks fell to a 52-week low after company officials announced they are considering plant closings and other measures to deal with a downturn, according to an article in the Milwaukee Journal-Sentinel. Modine has plants in Joplin, Jefferson City, Camdenton, and Trenton in Missouri: