Tecumseh Reports 1Q Sales Loss May 12, 2009

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Tecumseh Products Company announced results for its first quarter ended March 31, 2009. Consolidated net sales decreased to US$148.1 million from $275.2 million in 2008. The company said that compressors for commercial and aftermarket applications showed a substantial decline, down by $52.4 million or 38%. Sales of compressors for air-conditioning and other applications declined by $16.7 million or 34%. Gross profit declined by $36.2 million, from $45.5 million in 1Q 2008 to $9.3 million in 1Q 2009.

The company said that its plans for 2009 include continued cost reduction activities including additional layoffs, consolidation of productive capacity and rationalization of product platforms, and revised sourcing plans. During 2008, the company reduced its headcount by approximately 2400 people.

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