EXHIBIT 20
NEWS RELEASE
Immediate
Gerald J. Sweda
(262) 636-1361
Modine reaches patent-settlement and license agreements
RACINE, Wis., July 19, 2000 - Modine Manufacturing
Company (Nasdaq: MODI) and Showa Aluminum Corporation have
reached an agreement to cross-license each other's existing
patents on PF(R) and SC air-conditioning condensers. The
agreement with Showa and another with Mitsubishi Heavy
Industries give Modine an initial payment of more than $16
million, contingent royalties of approximately $27 million in
about a year, and additional contingent royalties that could
meet or exceed that amount over the next eight years.
The agreements settle the companies' respective lawsuits
on the subject technology. Besides the initial payments, they
also call for running royalties and future lump-sum payments
contingent on confirmation of the validity of Modine's PF
patents in Japan, Europe, and the United States and on
Showa's and Mitsubishi's future sales of the subject
condensers.
The parallel-flow design of heat exchangers with micro-
channels was introduced by Modine in 1986. It was
significantly more efficient in heat transfer than existing
designs and quickly became a standard in the automotive
industry because it helped automakers convert to non-CFC
(chlorofluorocarbon) refrigerants. Modine has notified other
infringers of its rights to the technology. In addition,
Modine reached earlier settlements with several Japanese
competitors that resulted in lump-sum payments plus running
royalties. On Feb. 17, 2000, Modine announced that it had
filed a complaint in the U.S. district court in Milwaukee
against Delphi Automotive Systems Corporation for
infringement of a PF patent. Modine has also commenced
similar litigation against several competitors in Europe.
Modine is a world leader at solving heating and cooling
problems in vehicles, buildings, and off-highway and industrial
equipment. Modine has annual sales of more than $1 billion and
has about 8,300 employees worldwide. Modine can be found on the
Internet at www.modine.com.
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This new release's forward-looking statements about possible
future royalty payments involve risks and uncertainties, as
detailed on page 17 of Modine's 2000 Annual Report to
shareholders.
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