Key Developments For Tecumseh Products Co
Tecumseh Products Co (TECUA.O) (Consolidated Issue listed on NASDAQ Global Market)
Tecumseh Products Company Announces Change In Leadership
Tecumseh Products Company announced new board and executive-level appointments. Edwin L. Buker's employment as Chairman of the Board, President and Chief Executive Officer terminated as of October 2, 2009. Mr. Buker also resigned as a director upon termination of his employment. James Wainright, currently Vice President of Global Operations, has been named acting President of Tecumseh Products Company and will serve in that capacity while the Board conducts a search for a new President and Chief Executive Officer. Kent B. Herrick has been elected Chairman of the Board of Directors.
Tecumseh Products Company Announces Cost Reduction Activities
Tecumseh Products Company announced the Company's plans for 2009 include continued cost reduction activities including, but not limited to, further employee headcount reductions, consolidation of productive capacity and rationalization of product platforms, and revised sourcing plans.
Tecumseh Products Company Products Subpoenaed By DOJ Antitrust Division-DJ
Dow Jones reported that Tecumseh Products Company said it was subpoenaed by the U.S. Department of Justice's Antitrust Division over possible anti-competitive pricing arrangements in the compressor industry. Tecumseh Products Company said Brazilian and European regulators also made formal requests for information. Tecumseh Products Company said it intends to cooperate fully with the investigations. Tecumseh Products said it entered into a conditional amnesty agreement with the Justice Department, and has entered similar arrangements with the other regulators.
Herrick Foundation Files Lawsuit Against Tecumseh Products Company Claiming Illegal Stock Split
Herrick Foundation announced that it has filed a lawsuit in Lenawee County (Mich.) Court to seek injunctive relief from the decision by Tecumseh Products Company to declare a 3-for-1 stock split effective on December 31, 2008. The stock split, which two board members voted against, is the Board's third unlawful effort to interfere with voting rights, according to Herrick Foundation spokesman Jeff Caponigro. Herrick Foundation has repeatedly objected to the manipulation by Tecumseh's Board intended to limit shareholders' rights. The stock split has the direct and intended effect of significantly reducing Herrick Foundation's voting interest in Tecumseh from 15.2% to just 4.2% and all Class B shareholder voting interests from 100% to 27%. After the lawsuit was filed in Lenawee County Court, Judge Timothy P. Pickard scheduled a hearing on the preliminary injunction for December 23, 2008.
Tecumseh Products Company Company Sells M.P. Pumps Operation To Lionheart Ventures
Tecumseh Products Company announced that it has completed the sale of M. P. Pumps, the Company's centrifugal pumps business operations, to MP Pumps Acquisition Corp., an indirect subsidiary of Lionheart Ventures, effective June 30. The purchase price was $14.6 million in cash and is subject to certain customary post-closing adjustments. The transaction included M. P. Pumps' manufacturing facility in Fraser, Michigan.
