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Modine Forms New Division

The company creates a commercial-products group.

Modine Manufacturing

(MOD) - Get Modine Manufacturing Company Report

, a maker of heating and cooling systems, is forming a new commercial-products group.

The unit will combine the company's electronics-cooling and commercial-heating, ventilating, air conditioning and refrigeration divisions. Modine said the new group will continue to expand its market presence in the electronics and HVAC markets, while taking advantage of cost reductions resulting from the combination.

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Shares of Modine were down 1 cent at $24.35.

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