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2024-05-14 00:00:00
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Modine, a leading US-based manufacturer of heat transfer products, recently expanded its operations by inaugurating a new coil production facility at its plant in Sremska Mitrovica, Serbia. This strategic move, announced by the Development Agency of Serbia, aims to meet the surging European demand for heat pumps. Launched on Tuesday, the new production unit is set to produce coils specifically designed for both commercial and residential heat pump systems.
Since establishing its presence in Serbia in November 2016 through the acquisition of Finnish company Luvata's factory, Modine has significantly invested in the region. To date, the company has injected over 27 million euros ($28.9 million) into its Serbian operations and anticipates further growth. With a current workforce of 448 employees, Modine plans to increase this number to 700 over the next three years, reflecting its commitment to expansion and local employment.
The company also projects a substantial increase in its export volumes, expecting to generate over 100 million euros from exports in the coming three years. This expansion not only underscores Modine's dedication to innovation and quality in heat transfer technology but also boosts its role in the global market while supporting the local economy in Sremska Mitrovica.
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