HVAC Breaking News

Dec. 3, 2002: Tecumseh Products Announces Agreement To Purchase Fasco Motors

December 3, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
TECUMSEH, MI — Tecumseh Products Company announced that it has entered into an agreement with Invensys plc to purchase its electric motors operations, commonly known as Fasco Motors.

"The acquisition of Fasco is a key step in revitalizing the growth of Tecumseh Products Company and is a good strategic fit with the company's mission of designing and manufacturing products that improve the human condition," stated Todd Herrick, CEO.

Fasco manufactures AC motors, DC motors, blowers, gear motors, and linear actuators. Its products are used in a variety of applications within the HVAC, automotive, healthcare, and appliance industries, among others. Sales for the year ended March 31, 2002 were approximately $480 million. Fasco has 13 manufacturing facilities worldwide, including eight in the United States, two in Mexico, and one each in Canada, Thailand, and Australia, employing approximately 5,200 people.

"In addition to delivering increased value to our shareholders, the addition of Fasco will allow Tecumseh to reach new customers and markets and give us the opportunity to deliver higher value-added products and complete customer solutions in all our business segments," stated Dave Kay, CFO.

Fasco, along with certain existing hermetic motor and electronics operations, will form a new Electrical Components business segment of Tecumseh Products. The Fasco business will continue to operate as a single business unit, and no manpower reductions are contemplated as a result of the combination.

The purchase price of $415 million is subject to certain adjustments, and is to be funded from available cash and new borrowings. The closing of the transaction is subject to regulatory approvals in the U.S. and abroad.

Publication date: 12/02/2002

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by Greg Mazurkiewicz

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 MCAA Annual Convention

Scenes from the 2014 MCAA Annual Convention in Scottsdale, Ariz.

Podcasts

NEWSmakers: Julian Scadden

Training is an ongoing process. Julian will discuss how you can generate maximum return on time and energy invested training by following a three part process. Listen to this podcast to get expert tips on training, tracking and follow up. 

More Podcasts

THE MAGAZINE

ACHRNEWS

NEWS 04-14-14 cover

2014 April 14

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

SERVICE CALLS POLL

Which statement on service calls best applies to your business?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con