Tecumseh Reports 2Q Sales Loss Aug 6, 2009

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Tecumseh reported that 2Q net sales decreased to US$161.2 million from $273.8 million in 2008. Compressors for commercial and aftermarket applications showed the most substantial decline when compared to 2Q 2008, down by $72.9 million or 51.2%. Sales of compressors for air-conditioning and other applications declined by $12.9 million or 27.4%.

"As with most companies, the global business climate remains difficult and as a result, many of our customers are reducing inventory levels, putting downward pressure on our sales," said Ed Buker, Chairman, president, and CEO of Tecumseh Products. "This has most directly impacted our sales of compressors for commercial and aftermarket applications, as well as refrigeration & freezer applications."

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