Modine Manufacturing history

In the winter of 1918, Modine had solid roots in the booming American auto industry market.

Modine Manufacturing received a patent for its unit heater in 1928.

The October 1929 stock market crash did little to affect company sales that year, which climbed to a record $5.5 million.

But the following year, sales dipped below $4 million and by 1932, when revenues had plunged below $1 million, Modine Manufacturing suffered what would be its last annual loss ($165,000).

Business continued to increase through 1937 and reached a peak for the decade that year when the company recorded $8.5 million in sales.

Modine Manufacturing benefited from the postwar boom in automobile sales, which helped to push annual revenues above $25 million in 1951.

In 1958, a smaller, more efficient prototype radiator helped Modine Manufacturing secure a contract to become the sole supplier of radiators for the new Ford Falcon.

In 1961, Modine Manufacturing received a patent for its Alfuse chemical process, a means of fusing aluminum to aluminum that was used to produce condensers.

In 1963, Modine Manufacturing became the prime oil cooler and radiator supplier for Rambler.

In order to facilitate such growth, in 1967 the company engaged in its first long-term borrowing.

1969: Ohio-based Schemenauer Manufacturing is acquired.

Modine Manufacturing had been serving the aftermarket business informally for a number of years and, in 1972, established the subsidiary Modine Auto-Cool to produce and sell complete replacement radiators.

Sales and earnings dipped slightly for the company’s fiscal year ending in March 1980, and in October of that year Modine borrowed $10 million from the Wisconsin Investment Board.

1982: Modine launches manufacturing operations outside of the United States.

In fiscal 1983 Modine’s sales followed the “double dip” recession and slid more than $30 million, as profits dropped from $8.7 million to $3.8 million.

In early 1984, Modine switched its stock listing from the Midwest Stock Exchange to NASDAQ.

Acquisitions in the 1985 calendar year included Eskimo Radiator Manufacturing Company and Perfex Radiator Group of McQuay Inc., a heat-transfer business with sales to vehicular and industrial markets, with about $30 million in annual sales.

In 1986, Modine sued the Allen Group’s G & O Radiator for alleged infringement on its Beta welded-radiator technology.

A $1 million settlement with the Environmental Protection Agency over alleged violations of the Clean Water Act pushed earnings down almost another $1 million in 1987.

By 1988, when Modine acquired NAYCO Distributors, Inc., the company’s replacement radiator and radiator core businesses were the fastest growing markets for the company, representing a third of sales volume.

In February, 1989, Richter was named chair and Savage became president and chief operating officer.

1990: The firm purchases Sundstrand Corporation.

In 1991 Savage assumed the additional duties of chief executive officer when Richter retired from active employment after 44 years with Modine.

In April 1992, an International Trade Commission judge ruled in favor of Mitsubishi Motor Sales and Showa Aluminum, interpreting Modine’s patent as covering only a narrow range of product types.

In July of 1993, the United States International Trade Commission reversed its earlier ruling, upholding Modine’s patent, but excluding the specific condensers used by Showa and Mitsubishi from Modine’s patent coverage.

During 1995, the company acquired Signet Systems, a climate control systems supplier, and Radiadores Montana S.A., an automotive supplier based in Spain.

“Modine’s President Picked to Replace Chief Executive Officer,” Milwaukee Journal Sentinel, December 18, 1997.

During 1999, Modine’s state-of-the-art $30 million Technical Center began operations in Racine, Wisconsin.

The firm entered the exhaust gas recirculation (ERG) cooler market in 2000 and anticipated considerable growth from this new product area.

Modine also gained a foothold in the electronics sector with its 2001 acquisition of Thermacore International Inc., a manufacturer of thermal management products used in the computer, telecommunications, networking, and semiconductor markets.

During 2002, international customers were responsible for nearly half of Modine’s revenues.

David B. Rayburn was named president and CEO in 2003; Johnson planned to retire from the chairmanship in June of that year.