New capacity at existing Serbia location will manufacture coils for commercial and residential heat pump applications.
RACINE, Wis., May 10, 2023 /PRNewswire/ — Modine Manufacturing Company (NYSE: MOD), a leading manufacturer of heat transfer coils, is expanding operations at its current location in Sremska, Serbia, to meet growing demand from the heat pump market in Europe. When complete later this year, the new facility will be a dedicated manufacturer of coils for commercial and residential heat pump applications.
“We are excited to expand our manufacturing operations in Serbia to serve our key customers in Europe and beyond,” said Eric McGinnis, President, Climate Solutions. “The market for heat pumps is experiencing tremendous growth in Europe and we want our manufacturing centers closer to our key customers. Serving them with best-in-class heat transfer technology that reduces energy consumption and lowers harmful emissions is one way Modine lives out our purpose of engineering a cleaner, healthier world.”
The heat pump market in Europe is experiencing significant double-digit growth. 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 International Energy Agency forecasts that annual heat pump sales in the European Union alone will reach 7 million units by 2030, up from 2 million in 2021.
“The new production facility in Serbia underscores Modine’s commitment to providing the highest quality coils to our customers. We look forward to working with our customers and suppliers as we expand our operations in the region,” said Modine Mike Postma, Vice President and General Manager, Heat Transfer Products. “At the same time, we are proud to be part of the Serbian business community and excited about the new jobs we are creating.”
Modine has decades of experience manufacturing high-quality heat transfer coils for HVAC contractors, integrators, distributors and original equipment manufacturers. Modine Serbia was established in 2014 to manufacture heat transfer coils used primarily in commercial refrigeration and HVAC applications. Over the years the facility received new investment and was expanded in 2019 to support the growing heat pump market. The new facility will be located next to the existing plant.
About Modine
At Modine, we are Engineering a Cleaner, Healthier World™. Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources. More than 11,000 employees are at work in every corner of the globe, delivering the solutions our customers need, where they need them. Our Climate Solutions and Performance Technologies segments support our purpose by improving air quality, reducing energy and water consumption, lowering harmful emissions and enabling cleaner running vehicles and 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 www.modine.com.
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Forward-Looking Statements
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SOURCE Modine Manufacturing Company
