Vehicle heating and cooling systems maker Modine Manufacturing has posted higher quarterly sales and profit on strength in the truck and heavy-duty markets, but said it expects charges for an ongoing restructuring of its operations to impact the current fourth quarter.
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According to a Reuters report, the company expects volumes, particularly in its US truck business, to be lower from the previous fiscal year and the third quarter – Modine also plans to close three plants in the US and construct new plants in China and India as part of cost cutting measures.
According to the news agency, the company, which cut jobs in the US during the first nine months of this fiscal year, said it has taken steps to cut overhead costs in Korea and plans other similar actions in Europe and Brazil.
