Modine Manufacturing Company
Modine Manufacturing Terminates Frozen Pension Plan
Summary
On June 13, 2024, Modine Manufacturing Company approved the termination of its Frozen Pension Plan, effective July 31, 2024, pending review by the Pension Benefit Guaranty Corporation. The Company filed a request for a determination letter with the Internal Revenue Service to maintain the plan's tax-qualified status. An additional cash contribution of $15 to $30 million is expected post-termination, with non-cash pension settlement charges of $120 to $130 million anticipated upon settlement.
Profitelligence Alerts
Get alerts for MOD
Be first to know when Modine Manufacturing Company files with the SEC.
Filing Categories
Advertisement
About Modine Manufacturing Company
Modine Manufacturing Company, a prominent player in the industrial sector, specializes in thermal management solutions. Established in 1916 and headquartered in Racine, Wisconsin, Modine is dedicated to developing and manufacturing heat transfer products that serve a wide array of applications. These products include radiators, oil coolers, and HVAC components which are utilized across diverse industries such as automotive, commercial vehicles, building HVAC systems, and power generation. With a focus on innovation and sustainability, Modine addresses the increasing global demand for energy-efficient and environment-friendly heating and cooling systems. The company's extensive expertise and advanced engineering capabilities allow it to cater to both standard and customized solutions for clients worldwide, maintaining a significant presence in emerging and established markets. Modine's impact is substantial, as it supports critical sectors by providing products that ensure effective thermal management, thereby enhancing performance and safety standards in various applications. Through continuous investment in research and development, Modine Manufacturing Company strives to lead in thermal innovation and operational excellence, reinforcing its commitment to improving industrial energy efficiency and environmental performance.
Official SEC Documents
Advertisement