Tecumseh Completes FASCO Acquisition Dec 31, 2002

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Tecumseh Products Company, a Tecumseh, MI, U.S.-based mechanical and electrical components manufacturer, announced that it has completed its previously announced acquisition of FASCO Motors from Invensys plc. FASCO is a manufacturer in the U.S. of fractional horsepower motors for the HVAC, appliance, and other industries. Sales for the year ended March 31, 2002 were approximately U.S. $480 million. FASCO has 13 manufacturing facilities worldwide, including eight in the U.S., two in Mexico and one each in Canada, Thailand, and Australia, employing approximately 5,200 people.

FASCO, along with certain existing Tecumseh operations, will form a new Electrical Components business segment of Tecumseh Products Company. The FASCO business will continue to operate as a single business unit and no manpower reductions are contemplated as a result of the combination, other than those at two locations currently in the process of being shutdown. The purchase price was $415 million.

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