Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, today announced that its Board of Directors has authorized the repurchase of up to $50 million of its common stock over the next two years. The authorization does not require the repurchase of shares, or of a specific number of shares. Decisions to repurchase shares or suspend the program will be made at the Company’s discretion, based on a number of factors, including ongoing assessments of the capital needs of the business, share price, and general market conditions.
“Our Board of Directors and management team are confident in the future of our business and in our ability to continue to execute on our strategic objectives,” said Modine Interim Chief Executive Officer, Michael B. (Mick) Lucareli. “We believe our disciplined capital allocation methodology will allow us to continue to de-lever our balance sheet while returning value to our shareholders both through execution of our growth strategy and through opportunistic repurchases.”