- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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