board of directors Wednesday declared a quarterly dividend and announced its newest member.
Charles P. Cooley, CFO of
, was elected to the board, which expanded from nine members to ten with this election, said the heating and cooling systems manufacturer.
Cooley will stand for election to the board by the company's shareholders in July 2007, with the intention of filling the post slated to be vacated by Richard J. Doyle, who will be retiring from Modine's board of directors at that time.
Separately, the board approved $16 million in funding for a new manufacturing facility in China that's expected to be operational in early 2008 and will serve Modine global customers in the region. The board also voted to fully fund $20 million for a previously announced new facility in Nuevo Laredo, Mexico, that should be completed in April 2008. Both facilities have secured business that will begin production when the plants open, the Racine, Wis.-based company said.
The quarterly dividend of 17.5 cents per share is payable Dec. 1 to all shareholders of record Nov. 16.
Shares of Modine closed up 24 cents at $24.77 Wednesday.
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