June 18, 1998

Lila White
(804) 692-3110

Terry Chapp, President & CEO
(414) 636-1821
Jill Lawrence
(804) 371-0049
Governor Gilmore announces Daikin-Modine Selection of Buena Vista for U.S. Corporate Headquarters
-- Japanese/American venture to create 200 new jobs - -

Rockbridge County - Governor Jim Gilmore today announced the decision by Daikin Industries, Ltd., and Modine Manufacturing Company to form a joint venture to produce a new line of packaged, rooftop, air-conditioning products. Daikin-Modine will locate its U.S. corporate headquarters in the City of Buena Vista and projects to create 200 jobs over the next five years. Twenty employees will be hired initially.

"Daikin-Modine's decision to locate their corporate headquarters in Virginia is an impressive testament of Virginia's pro-business climate and skilled workforce," said Governor Gilmore. "This Japan/U.S. joint venture will create quality jobs for the families of Buena Vista."

Daikin, based in Osaka, Japan, is the largest commercial air-conditioning manufacturer in Japan, with market strengths in Asia and Europe. With state-of-the-art technology, Daikin produces its own compressors, components and refrigerants. Modine, headquartered in Racine, Wisconsin, is a world leader at solving heating and cooling problems in vehicles, buildings, and off-highway industrial equipment.

Modine Manufacturing Company has been a corporate citizen in Buena Vista since 1968. The company currently employs 240 people at its manufacturing facility. The new joint venture will begin producing commercial air conditioners in April 1999.

"Technologies of the two companies complement each other," said Katsuhiko Takagi, Director and General Manager of Daikin Global Operations Division. "It is expected that an ideal synergy will result from the collaboration of both companies."

"Modine's technology and its extensive distribution network throughout North America will help to give the joint venture a competitive advantage," said M. Gerald Baker, Modine Group Vice President. "We are pleased with Virginia's cooperative business attitude and anticipate even more success through this new joint venture."

The Virginia Economic Development Partnership and the Rockbridge Partnership assisted Daikin-Modine with its decision.

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