Modine Manufacturing Plans Automotive Business Exit

The amended credit agreement includes a specific basket for restructuring charges related to the exit of the automotive business within the Performance Technologies segment and allows for its disposition under specified conditions.

“plus a basket for restructuring charges in connection with the exit of the automotive business within the Company’s Performance Technologies segment in an amount not to exceed $25 million in any fiscal year or $55 million in aggregate; and specifically allows for the disposition of the automotive business under specified conditions.”

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