-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AAtKWqJe2Hq0bQ6Qo2/0RZFfHLT5ddDJTa6gYPG8hsOYox4N8zdHENg0+zteSCZe Hll0fwzJeu6BJJ+h0LrykQ== 0000950124-03-001132.txt : 20030408 0000950124-03-001132.hdr.sgml : 20030408 20030408142808 ACCESSION NUMBER: 0000950124-03-001132 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030404 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030408 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECUMSEH PRODUCTS CO CENTRAL INDEX KEY: 0000096831 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] IRS NUMBER: 381093240 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00452 FILM NUMBER: 03642534 BUSINESS ADDRESS: STREET 1: 100 E PATTERSON ST CITY: TECUMSEH STATE: MI ZIP: 49286 BUSINESS PHONE: 5174238411 MAIL ADDRESS: STREET 1: 100 EAST PATTERSON STREET CITY: TECUMSEH STATE: MI ZIP: 49286 8-K 1 k76064e8vk.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 4, 2003 TECUMSEH PRODUCTS COMPANY (Exact name of registrant as specified in its charter) Michigan 0-452 38-1093240 (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 100 East Patterson Street, Tecumseh, Michigan 49286 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (517) 423-8411 (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE The registrant's press release dated April 8, 2003, regarding the shutdown of its engine manufacturing facility in Douglas, Georgia is attached hereto as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits: Exhibit No. Description ----------- ----------- 99.1 Press release dated April 8, 2003 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TECUMSEH PRODUCTS COMPANY Date: April 8, 2003 By /s/ David W. Kay ------------------------- David W. Kay Vice President, Treasurer and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1 Press release dated April 8, 2003 EX-99.1 3 k76064exv99w1.txt PRESS RELEASE DATED APRIL 8, 2003 EXHIBIT 99.1 April 8, 2003 TECUMSEH PRODUCTS COMPANY (NASDAQ: TECUA and TECUB) TECUMSEH PRODUCTS COMPANY ANNOUNCES MANUFACTURING RESTRUCTURING ACTIONS Tecumseh, Michigan, April 8, 2003 . . . . On April 4, 2003, Tecumseh Products Company announced its intent to close its engine manufacturing facility in Douglas, Georgia. This action is part of the Company's ongoing strategy to reduce excess capacity by shifting production to overseas' lower-cost manufacturing facilities. Approximately 550 people will be affected by the shutdown. Layoffs are expected to begin on or after June 6, 2003 with the cessation of all manufacturing operations on or about June 30, 2003. Equipment from the Douglas plant will be transferred to other U.S. operations and to the Company's new facility in Curitiba, Brazil. The Company estimates the cost of this action to be $19 million to $23 million, consisting primarily of asset impairments and severance costs. A one-time charge will be taken in the second quarter of 2003. Tecumseh Products Company is a full-line independent global manufacturer of hermetic compressors for residential and commercial refrigerators, freezers, water coolers, dehumidifiers, window air conditioning units and residential and commercial central system air conditioners and heat pumps; gasoline engines and power train for lawn mowers, lawn and garden tractors, garden tillers, string trimmers, snow throwers, industrial and agricultural applications and recreational vehicles; electric motors and components, including AC and DC motors, blowers, gear motors and linear actuators for a wide variety of industrial and consumer applications across a broad range of industries; and centrifugal pumps, sump pumps and small submersible pumps for industrial, commercial, marine and agricultural applications. This discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to the safe harbor provisions created by that Act. Forward-looking statements can be identified by the use of terms such as "expects," "should," "may," "believes," "anticipates," "will," and other future tense and forward-looking terminology. Readers are cautioned that actual results may differ materially from those projected as a result of certain risks and uncertainties. For a description of these risks and uncertainties, refer to "Cautionary Statements Relating to Forward Looking Statements" in the Management's Discussion and Analysis section of Tecumseh Products Company's Annual Report to Shareholder and Form 10-K for the year ended December 31, 2002. Contact: Pat Walsh Director of Investor Relations Tecumseh Products Company (517) 423-8455 Website: www.tecumseh.com -----END PRIVACY-ENHANCED MESSAGE-----