thermal management technology and solutions, today announced that its in China. Modine will invest more than $16 million in the facility, serve Modine global customers in the region. The Board also voted to previously announced new facility in Nuevo Laredo, Mexico, that be completed in April, 2008.
Both facilities have secured business China, David B. Rayburn, President and Chief Executive Officer said, facility, our third plant in China, allows us to capitalize on one of the fastest growing economies in the world. It supports our global capabilities, and provides opportunities to reach new customers and markets.
This facility will also provide a low cost country sourcing footprint in Asia. clearly establishes our manufacturing base in China. We approached site selection, which is located in the Changzhou National Hi-tech District of Jiangsu Province, from the longer term vision of specifically the off-highway, commercial vehicle and engine products segments.
We will also use this facility to support projects for to Hyundai s Korean operations. This plant and testing capabilities, and provides critical capabilities for our over the world. Over the years, Modine has developed a wide breadth products for our global customers.
We are extremely excited to have opportunity to offer our product portfolio to the China market, as as servicing other parts of Asia. Modine, with fiscal 2006 revenues of $1.6 billion, specializes in thermal management systems and components, bringing highly engineered markets.
Modine products are used in light, medium and heavy-duty fuel cells, and electronics. The company employs approximately 9,000 people at 34 facilities worldwide. For more information about Modine, Copyright 1996-2006 The Auto Channel.
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