"Closing operations is never easy," said Scott Wollenberg, Modine’s regional vice president for North America. "However, our analysis of Modine's global product lines and North American manufacturing strategy led us to conclude that the best long-term solution for Modine and its shareholders is to consolidate all North American parallel flow heat exchanger manufacturing into other North American facilities. Closing the McHenry plant will help us rationalize production, maintain the scale we need in our manufacturing operations and improve our overall competitiveness and profitability. We are committed to making the transition as seamless as possible for our customers and to assisting our affected employees during the transition."

Modine said it expects the closure to cost the company about $5 million, but added that it expects to save at least that much annually when the plant is shuttered in 2016.

The plant makes parallel flow and serpentine condensers, oil coolers and radiators for the automotive, commercial vehicle, off-highway and building HVAC market industries.